India New Issue-HDFC likely to issue 10-year bonds soon - bankers

Housing Development Finance

17/05/2023 03:47

By Dharamraj Dhutia and Bhakti Tambe
       MUMBAI, May 17 (Reuters) - India's Housing Development
Finance Corp Ltd (HDFC)  HDFC.NS  plans to raise funds through
sale of bonds maturing in 10 years, two merchant bankers said on
Wednesday.
    The company intends to raise at least 35 billion rupees
($428 million) via this issue, which will have a greenshoe
option to retain additional funds.
    The housing financier is likely to offer an annual coupon of
7.65% on this bond issue, which will have a put option at end of
three years, the bankers added.
    The bonds are rated AAA by Crisil and India Ratings, and the
issue will be settled later this month.
    The company is yet to make an official announcement, and did
not immediately reply to a Reuters email for comments.
    Earlier this week, HDFC raised 30 billion rupees via bonds
maturing in five years at a coupon of 7.70%.
    The latest issue comes as the company gets set to merge with
HDFC Bank in the coming months.

($1 = 81.7800 Indian rupees)

 (Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by
Varun H K)
 ((Dharamraj.dhutia@tr.com))