HDFC raises Rs 3,300 cr through Masala Bonds

Mumbai March 24 (IANS) The Housing Development Finance Corporation Ltd (HDFC) on Friday announced it had raised Rs 3 300 crore ($504 million) through rupee denominated bonds from overseas investors (Masala Bonds) under its $750-million Medium Term Note programme.

We have received an overwhelming response from 29 investors across Asia and Europe. The aggregate demand for the transaction was 2.16 times at Rs 4 315 crore ($657 million) the company said in a regulatory filing to the BSE.

HDFC launched an issue of Rs 2 000 crore ($306 million) with a greenshoe option under the MTN programme earlier in the day.

We closed the issue for bonds worth Rs 3 300 crore which will yield 7.35 per cent interest per annum and payable semi-annually it said in the filing.

The over three-year unrated bonds which will mature on April 30 2020 will be listed on the London Stock Exchange (LSE) it added.

--IANS
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