HDIL Raises Rs.400cr through Secured NCDs
HDIL has raised Rs. 400 cr by issuing 4000 Secure Redeemable and Non-COnvertible Debentures of Rs. 10 Lakhs each.
Oriental Bank of Commerce, Allahabad Bank, United Bank of India, Yes Bank and Andhra Bank are the 5 banks that have subscribed to the issue.
HDIL plans to raise a total of Rs. 1,150 cr through the issue of 11,500 secured redeemable NCDs in separate tranches; this being the first one.
The debentures will be listed on BSE.
In May, HDIL raised Rs. 1680 cr through QIP after which its debt burden reduced to Rs3,271.14cr. The debt equity ratio prior to this issue is 0.49:1
Earlier this year, HDIL had announced that it intended to lower its borrowing costs which are currently at 12% and convert floating debt to fixed interest. The company is debt free till Oct, 2010. The debt to be repaid there on till March 2011 is approximately Rs. 450 cr.
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