Housing & Urban Development Corporation Ltd., a wholly owned Govt. of India enterprise, said it raised a sum of Rs 1300 crore through debt.
The amount was raised through placement issues of unsecured, redeemable and non-convertible bonds.
While the issue of Rs 700 crore was raised at 7.36% on September 16 and the second tranche of Rs 600 crore was mopped up at 7.35% on September 22.
The applicable coupon was even less than the Reuters Benchmark rates for ‘AAA’ rated papers of matching maturity, the company said.
The bonds would fall due for maturity on 30th November, 2019 and 22nd January, 2020.
The bond issues have been rated ‘IND AAA’ by India Ratings and Research Private Limited (Fitch Group) with stable outlook, ‘CARE AAA’ by CARE Ratings and ‘[ICRA] AAA’ (Stable) by ICRA Ratings.
Instruments with this rating are considered to offer highest safety for timely servicing of debt obligations and carry lowest credit risk.
HUDCO is a techno-financial institution engaged in the financing and promotion of housing and urban infrastructure projects throughout the country.
It is wholly owned by the Union Government and is under the administrative control of the Ministry of Housing and Urban Poverty Alleviation.