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HDFC

HDFC Bank to raise $6 billion in debt over next 1 year: Report

| @indiablooms | Apr 12, 2023, at 05:22 am

Mumbai: HDFC Bank Tuesday announced its plan to consider raising debt of 500 billion rupees (approximately $6 billion) within the next 12 months, Reuters reported.

The bank will deliberate on the potential fundraise during its board meeting on Saturday, during which it will also report its financial performance for the January-March quarter, according to the report.

In an exchange filing, HDFC Bank stated that the intended fundraise would involve the issuance of perpetual debt instruments, also known as Additional Tier-1 (AT-1) bonds, as well as Tier-II capital bonds and long-term bonds.

HDFC Bank has stated that the fundraising will be carried out on a private placement basis.

This move comes ahead of the bank's merger with Housing Development Finance Corp Ltd, which is expected to conclude by the end of June.

In December of last year, HDFC Bank raised 50 billion rupees by issuing 10-year Basel III-compliant Tier-II bonds, with a coupon rate of 7.84%.

The bank also issued Basel III-compliant AT-1 bonds worth 30 billion rupees with a coupon rate of 7.84% in September of the same year.

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