India New Issue-HDFC accepts bids for 10-year bonds - bankers

Housing Development Finance

02/05/2023 07:46

MUMBAI, May 2 (Reuters) - India's Housing Development
Finance Corp  HDFC.NS  has accepted bids worth 150 billion
rupees ($1.83 billion) for bonds maturing in 10 years, three
merchant bankers said on Tuesday. 
    The non-banking financial company (NBFC) will pay an annual
coupon of 7.80% to the investors, and had invited commitment
bids from bankers and investors earlier in the day, they added.
    The bonds are rated AAA by Crisil and India Ratings and the
issue will be settled on Wednesday.
    This is the second bond issue by the NBFC in this financial
year. In April, HDFC raised 30.05 billion rupees via bonds
maturing in one year, 10 months and eight days at a coupon of
7.79%.
    The latest issue comes as the company gets set to merge with
HDFC Bank in the coming months.

($1 = 81.7475 Indian rupees)

 (Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)
 ((Dharamraj.dhutia@tr.com))