News
Hudco to raise Rs 500 cr; bonds issue opens Wed


The Housing and Urban Development Corporation Limited (Hudco) is issuing tax- free bonds with a face value of Rs 1,000 each in the nature of tax-free, secured, redeemable, non-convertible debentures having benefits under Section 10(15)(iv)(h) of the Income Tax Act, 1961, as amended aggregating to Rs 500 crore with an option to retain oversubscription upto Rs. 1,211.50 crore aggregating up to Rs 1,711.50 Crore in fiscal 2016.
The interest income on bonds is exempted from levy of income tax in the hands of the investors.
The minimum application size for the Issue is five bonds across all of the series of bonds and in multiples of one bond thereafter.
The Issue will open for subscription on January 27and is scheduled to close on February 10, 2016 with an option for early closure. The bonds under the Issue are proposed to be listed on the BSE Limited.
The bonds have been assigned a rating of ‘CARE AAA’ by Credit Analysis & Research Limited while India Ratings and Research Private Limited (formerly Fitch Ratings India Private Limited) has assigned a rating of ‘IND AAA’ to the bonds.
The funds raised through this Issue will be utilised to finance the projects and/activities mainly relating to housing for EWS/ LIG categories during the current year and/over the years and for such other purposes.
The lead managers to the Issue are Axis Capital Limited, Edelweiss Financial Services Limited, ICICI Securities Limited, SBI Capital Markets Limited and RR Investors Capital Services Private Limited.
-
News4 weeks ago
NAREDCO Mahi to host its 2ND Convention
-
News3 weeks ago
Phoenix Mills, B Safal launch Palladium
-
News4 weeks ago
SKA Group’s initiative for better child education on World Social Justice Day
-
News4 weeks ago
Bengaluru Home Habba to offer savings of up to Rs. 9 lakh for home buyers
-
News4 weeks ago
Bhumika Group to soon launch Phase II of its Urban Square Mall in Udaipur
-
News4 weeks ago
BCD Gp-ArisUnitern cross Rs 300 cr of development works in South India
-
News3 weeks ago
House of Hiranandani’s plogging initiative
collects over 100 kg waste from Thane city -
News3 weeks ago
NoBroker expands its Series E round with Google joining other investors