Mortgage lender HDFC is raising up to Rs 8,000 crore by issuing bonds on a private placement basis.

The unsecured redeemable non-convertible debentures (NCDs) issue will have a base size of Rs 3,000 crore with an option to retain an over-subscription of up to Rs 5,000 crore. This fund mobilisation is part of the housing finance company’s plan to raise up to Rs 57,000 crore through non-convertible debentures (NCDs) in tranches.

On March 27, its board approved the proposal which entailed the “issuance of unsecured redeemable non-convertible debentures under a shelf placement memorandum, aggregating Rs 57,000 crore, in various tranches, on a private placement basis’’. The corporation had said the fund raising is in accordance with the shareholders nod received at its 45th annual general meeting on June 30, 2022.

At its board meeting then, the directors had also approved increase in the overall borrowing powers of the corporation from Rs 6 lakh crore to Rs 6.50 lakh crore.