India New Issue-HDFC plans up to 200 bln rupee mega issue next week - bankers

Housing Development Finance

08/06/2023 08:15

By Bhakti Tambe
       MUMBAI, June 8 (Reuters) - India's Housing Development
Finance Corp  HDFC.NS  (HDFC) plans to raise up to 200 billion
rupees ($2.42 billion) through the sale bonds maturing in 10
years, three bankers said on Thursday.
    The housing financier will pay a coupon of 7.75% and is
likely to invite bids from investors and arrangers for the
proposed issue on Monday, they said.
    The latest issue comes as HDFC is set to merge with HDFC
Bank in the coming months. 
    "This could well be our last bond issue before the merger,"
a senior official at the company said.
    The issue will have a base size and greenshoe option of 100
billion rupees each. 
    The bonds are rated AAA by Crisil and India Ratings, and the
issue will be settled later next week.
    In May, HDFC raised 82.35 billion rupees via bonds maturing
in two years at a coupon of 7.80%. 
    It has raised around 328.75 billion rupees through bonds in
the current financial year so far.
    The company is yet to make an official announcement, and did
not immediately reply to Reuters' email for comments.


($1 = 82.5525 Indian rupees)

 (Reporting by Bhakti Tambe; Editing by Sonia Cheema)
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