The Hindu Business Line : HDFC raises $500-m via FCCBs

MUMBAI: Housing Development Finance Corporation Ltd (HDFC) has informed the Bombat Stock Exchange that it has raised $500 million through a Zero Coupon Foreign Currency Convertible Bond (FCCB). The bond was oversubscribed two times.

The FCCBs were launched after the close of market trading hours on Wednesday and are likely to be listed on the Singapore Stock Exchange. The yield to maturity on these bonds is 4.62 per cent per annum

The FCCBs, which have a maturity of five years and one day, are convertible into equity shares at a price of Rs 1,399 per share on or after August 24, 2006. The offering was lead managed by ABN Amro, Barclays Capital Citigroup and JP Morgan.

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