HDFC Bank raises Rs 2,910 cr via infrastructure bonds for funding projects
The country’s largest private bank, HDFC Bank, has raised Rs 2,910 crore through infrastructure bonds for funding projects in areas like power, roads, and affordable housing projects. The coupon was fixed at 7.65 per cent for bonds which have a 10-year maturity.
The issue size was Rs 1,000 crore with a green shoe option of Rs 2,000 crore, debt market sources said. These bonds carry an “AAA” rating from CRISIL. The money raised through infrastructure bonds is excluded from liquidity norms, i.e., they do not attract Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) norms.
In December 2023, the private sector bank had raised Rs 7,425 crore via infrastructure bonds with a coupon of 7.71 per cent. These bonds, unsecured, redeemable, long-term, fully paid up, instruments were placed privately.
First Published: Mar 19 2024 | 11:36 PM IST