A recent press report has said that The Housing Development Finance Corp (HDFC) has upsized its issue to Rs 1,000 crore, which is twice its initial size, as it received strong investor demand.
Sources from HDFC have said that the company is looking at a very good demand from corporates, insurance companies and foreign institutional investors. It added saying that the arrangers have already received commitments for Rs 8.50 billion (Rs 850 crore). The company has maintained the pricing at 9.65%. Reports also said that Deutsche Bank has joined as the arranger along with ICICI Bank to the deal.
HDFC Bank Limited is a major Indian financial services company based in India, incorporated in August 1994, after the Reserve Bank of India allowed establishing private sector banks. The Bank was promoted by the Housing Development Finance Corporation, a premier housing finance company (set up in 1977) of India. It was among the first companies to receive an ‘in principle’ approval from the RBI to set up a bank in the private sector. The Bank started operations as a scheduled commercial bank in January 1995 under the RBI’s liberalization policies. It offers home loans, personal loans, new and used car loans, gold loan, education loan etc.