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HDFC raises Rs 3,693 crore via NCDs

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Housing Improvement Finance Company (HDFC Ltd) Monday raised Rs 3,693 crore by promoting bonds, a transfer that was part of the house financier’s mega fundraising programme that included a share sale additionally.

A clutch of personal banks and international portfolio buyers together with Axis Financial institution, ICICI Financial institution, Kotak Mahindra Financial institution, Morgan Stanley are mentioned to have invested in these non-convertible debentures, market sources informed ET. Particular person buyers couldn’t be contacted instantly.

These papers provided 5.40 % with three-year maturities. Ranking firm CRISIL rated these debt securities with triple-A grade.

“Monetary threat profile stays sound, marked by wholesome capitalisation and earnings profile,” the ranking firm mentioned in a launch on July 31. The earnings profile is marked by wholesome curiosity spreads, low expense ranges, and good returns on networth,” it mentioned.

Within the June quarter this monetary 12 months, HDFC’s mortgage e-book stood at round Rs 4.66 lakh crore, a development of 12% over the earlier 12 months.

Final week, India’s greatest mortgage lender HDFC Ltd launched its 14,000-crore fundraising programme drawing high world buyers. International funding companies GIC, Oppenheimer, Constancy, Norges have been among the many buyers that owned HDFC shares.

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