HUDCOs Rs 4685 crore bond issue opens on January 27
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State-run Housing and Urban Development Corporation (HUDCO) today said its public issue of tax-free bonds will hit the market on January 27 with a target of raising up to Rs 4,685 crore.
"HUDCO is issuing tax-free bonds with a face value of Rs 1,000 each... aggregating Rs 2,000 crore with an option to retain over-subscription of up to Rs 4,684.72 crore," the company said in a statement.
HUDCO Senior Executive Director R K Khanna said the size of the public issue is Rs 2,000 crore, with a greenshoe option of up to Rs 2,684.72 crore.
"We intend to raise the full amount through the public issue of bonds," he added.
The issue opens on January 27 and closes on February 6, 2012. The bonds, proposed to be listed on the NSE and BSE, would have tax benefits for subscribers under the Income Tax Act, 1961.
HUDCO is a public sector firm fully owned by the government for financing of housing and urban infrastructure activities in India. The funds raised through bonds would be utilised for project financing.
The bonds carry a coupon rate of 8.10 per cent per annum for bonds with a maturity of 10 years and 8.20 per cent per annum for bonds with a 15-year tenure.
The lead managers to the issue are Enam Securities and SBI Capital Markets. The Debenture Trustee to the issue is SBICAP Trustee Company Ltd. (PTI)
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