UPDATE 1-India New Issue-HDFC likely to raise up to 150 bln rupees via 10-yr bonds - bankers

Kitco Media
By Reuters
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Reuters
(Adds fresh quantum details) By Bhakti Tambe MUMBAI, April 27 (Reuters) - India's Housing Development Finance Corp Ltd (HDFC) is likely to raise up to 150 billion rupees ($1.84 billion) through bonds maturing in 10 years, three merchant bankers said on Thursday. The proposed issue is likely to have a base size of 110 billion rupees and a greenshoe option to retain an additional subscription of 40 billion rupees, bankers added. The housing financier is likely to offer a coupon of 7.80% on this bond issue, for which it plans to invite bids from investors and bankers next week, they said. HDFC is yet to make an official announcement of the planned bond sale on electronic bidding platforms and did not immediately respond to a Reuters request for comment. The bonds are rated AAA by CRISIL and India Ratings. Last week, HDFC raised 30.05 billion rupees via bonds maturing in 1 year, 10 months and eight days at a coupon of 7.79%.


The latest issue comes, as the company is set to merge with HDFC Bank in the coming months. ($1 = 81.6930 Indian rupees) (Reporting by Bhakti Tambe; Editing by Sonia Cheema)

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