HDB Fin plans to raise 1.5 bln rupees via subordinate debt

Last Updated: Mon, Mar 18, 2013 09:41 hrs
Cashier counts currency notes inside bank in Lucknow

HDB Financial Services is planning to raise 1.5 billion rupees ($27.75 million) through a 10-year subordinate debt sale, a source with direct knowledge of the deal said.

The bonds will pay a 9.60 percent coupon, said the source, adding that ICICI Bank is the sole arranger to the bond sale.

The borrower, rated 'AAA' by Crisil and Care, is a non-banking finance company promoted by HDFC Bank.

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