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HUDCO to raise Rs 5,000 cr from tax-free bond issue

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Mumbai:

State-owned Housing and Urban Development Corporation (HUDCO) has sought market regulator Sebi's approval to raise up to Rs 5,000 crore through tax-free bonds.

As per the firm's draft prospectus filed with Sebi, Hudco would issue "tax free bonds of face value of Rs 1,000 each in the nature of secured, redeemable, non-convertible debentures, issued at par in one or more tranches for an amount aggregating up to Rs 5,000 crore".

The funds raised through the issue would be used towards lending purposes, working capital requirements, augmenting the resource base of the company and other operational requirements, including debt servicing.

Axis Capital, Edelweiss Financial Services, HDFC Bank, Karvy Investor Services and RR Investors Capital Services are the lead managers to Hudco's proposed issue.

Karvy Computershare is the registrar to the issue. The bonds are proposed to be listed on the BSE, the
company said.

Last month, the government had allowed 13 institutions, including NTPC, National Housing Bank and HUDCO, to raise Rs 48,000 crore through issue of tax free bonds to boost long term infrastructure finance.
 

Story first published on: September 03, 2013 17:09 (IST)

Tags: hudco

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