New Delhi, 21 August (H.S.):
HDFC Bank, India’s largest private-sector lender, has raised $1.75 billion through the issuance of foreign bonds to support the expansion of its business.
In a regulatory filing with the stock exchanges on Friday, HDFC Bank said it had issued $1.75 billion worth of senior unsecured bonds through its GIFT City branch.
The bank said it issued $500 million worth of bonds maturing in three years at a coupon rate of 5.159 per cent. The remaining $1.25 billion comprises bonds with a five-year maturity and carries a coupon rate of 5.4 per cent.
HDFC Bank said the bonds will be listed on the India International Exchange (India INX) at GIFT IFSC and the NSE International Exchange (NSE IX).
Foreign bonds are debt instruments issued by companies in overseas markets to raise funds. They may be denominated in the local currency of the market where they are issued or in an international currency.
Indian investors can invest in global markets under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS).
---------------
Hindusthan Samachar / Jun Sarkar
