New Delhi : HDFC Life Insurance announced on Wednesday its intention to raise Rs 1,000 crore through non convertible debentures in order to support the growth of its business. The HDFC Life Insurance Board stated in a regulatory filing that the Capital Raising Committee (CRC) made the decision.
It was stated that the amount of Rs 1,000 crore would be collected by issuing unsecured, rated, listed, subordinated, redeemable, fully paid up, non cumulative, non convertible debentures (NCDs) on a private placement basis. It was stated that the debenture, with a duration of 10 years, would have an annual coupon rate of 8.05 percent.
It was stated that the debentures to be issued will not have any security or guarantee from the company or any other arrangements that would prioritize their claims over those of the company's policyholders and other creditors. The debentures will be included on the WDM (Wholesale Debt Market) section of the National Stock Exchange of India Ltd.
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