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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.

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