Housing Development Finance Corp raised its target for the country's largest privately placed corporate bond issue on Thursday to $3.03 billion, or 250 billion rupees. Ten-year bonds were offered at a coupon of 7.97% by the nation's largest housing financier, which will soon be merged with private lender HDFC Bank.
In an exchange notice, HDFC stated that the issue received 92 bids totalling 278.63 billion rupees, of which the company retained 55 bids totalling 250 billion rupees.
The corporation's housing finance business needs would be funded or refinanced with the proceeds, according to HDFC.
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