HDFC raises Rs 3,693 crore via NCDs

Housing Development Finance Corporation (HDFC Ltd) Monday raised Rs 3,693 crore by selling bonds, a move that was a part of the home financier’s mega fundraising programme that included a share sale also.

A clutch of private banks and foreign portfolio investors including Axis Bank, ICICI Bank, Kotak Mahindra Bank, Morgan Stanley are said to have invested in those non-convertible debentures, market sources told ET. Individual investors could not be contacted immediately.

Those papers offered 5.40 percent with three-year maturities. Rating company CRISIL rated those debt securities with triple-A grade.

“Financial risk profile remains sound, marked by healthy capitalisation and earnings profile,” the rating company said in a release on July 31. The earnings profile is marked by healthy interest spreads, low expense levels, and good returns on networth,” it said.

In the June quarter this financial year, HDFC's loan book stood at around Rs 4.66 lakh crore, a growth of 12% over the previous year.

Last week, India’s biggest mortgage lender HDFC Ltd launched its 14,000-crore fundraising programme drawing top global investors. Foreign investment firms GIC, Oppenheimer, Fidelity, Norges were among the investors that owned HDFC shares.