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India’s largest private sector lender, Housing Development Finance Corp (HDFC) is planning to raise at least 50 billion rupees or $627.26 million through the sale of 10-year bonds, said three merchant bankers on Friday as quoted by news agency Reuters.
The merchant bankers informed that the non-banking financial company will pay an annual coupon of 7.80% to the investors of this issue and has invited commitment bids on September 5 this year.
The issue will be closed for subscription next week, and the notes are rated AAA by ICRA and CRISIL. It also has a greenshoe option to retain an additional 50 billion rupees, as per Reuters reports.
HDFC to hire 3,000 employees in Maharashtra
HDFC bank is looking forward to expand its network in the state of Maharashtra. On Thursday, the private lender said that it will hire 3,000 people in the state with new branches and banking lobbies this fiscal.
According to the statement released by the bank, HDFC aims to open 207 branches and 80 smart banking lobbies in the state during FY23.
The bank said 90 of the new branches will be in metro and urban areas, while the remaining will be in semi-urban and rural pockets.
Abhishek Deshmukh, HDFC’s branch banking head for the state of Maharashtra said that the credit to deposit ratio is over 100 per cent in 29 districts of the state.
As for the current data on penetration of the bank within the state of Maharashtra, at present, there are 709 branches of the bank along with 3,200 ATMs across 280 talukas spread in all 29 districts of the state. The bank also has 1,375 business correspondents, and 15,116 business facilitators in the state.
In terms of business, the total advances of the bank in the state stood at ₹3,28,508 crore as of March 31, 2022. On same date, the deposits were at ₹4,35,604 crore, giving it a 13 per cent market share from an overall business perspective.
(With inputs from agencies)
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