HDFC to issue 10-year bonds, invites bids - traders

·1-min read
The headquarters of India's HDFC bank is pictured in Mumbai

MUMBAI (Reuters) - India's Housing Development Finance Corp (HDFC) plans to raise at least 50 billion rupees ($627.26 million) through sale of bonds maturing in 10 years, three merchant bankers said on Friday.

The non-banking financial company will pay an annual coupon of 7.80% to the investors of this issue, and has invited commitment bids on Sept. 5, they said.

The notes are rated AAA by ICRA and CRISIL, and the issue will close for subscription next week.

The issue has a greenshoe option to retain an additional 50 billion rupees.

($1 = 79.7120 Indian rupees)

(Reporting by Dharamraj Lalit Dhutia; Editing by Subhranshu Sahu)