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Aadhar Housing Finance to raise up to Rs 1,400 cr via NCDs

Tuesday, September 11, 2018

Aadhar Housing Finance (AHFL) yesterday said it is planning to raise up to Rs 1,400 crore through non-convertible debentures (NCDs), maturing in three, five and 10 years. The base size of the issue is Rs 500 crore, with an option to retain over subscription up to Rs 900 crore.

The company is offering an annual coupon of 9.60%, 9.65% and 9.75% on the three, five and 10-year bonds, respectively. The issue will open on September 14 and close on September 28.

"At least 75% of the proceeds of the issue will be used for lending, financing and repayment of interest and principal of existing borrowings of the company.

The balance will be used for general corporate purposes," said Deo Shankar Tripathi, Managing Director and Chief Executive Officer, AHFL. The deposit taking housing finance company has an approval to raise up to Rs 3,000 crore through bonds, and this is the first tranche.

AHFL provides affordable housing financing products to economical weaker section and low-income group in small cities and towns.

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