New Delhi, Oct 7 (PTI) Housing Development Finance Corporation (HDFC Ltd) will raise up to Rs 12,000 crore by issuing bonds on a private placement basis next week.

The base issue size is Rs 1,000 crore with an option to retain over subscription of up to Rs 11,000 crore, it said in a regulatory filing on Friday.

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The secured redeemable Non-Convertible Debentures (NCDs) will carry a coupon rate of 8.07 per cent per annum for a tenor of 10 years.

"The object of the issue is to augment the long-term resources of the corporation.

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"The proceeds of the present issue would be utilised for financing/refinancing the housing finance business requirements of the corporation," it said.

The issue will open on October 11 and close the same day. The issue is part of company's Shelf Placement Memorandum "AA-series" aggregating to Rs 75,000 crore that was approved by the mortgage lender's board in November 2021.

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