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STATE-OWNED Housing and Urban Development Corporation (Hudco) on Wednesday said it is targeting to raise up to Rs 2,805 crore through the second tranche of its public issue of tax-free bonds.
In the first tranche, which was launched On January 9 and closed on February 7, the company had raised Rs 2,195 crore.
The second tranche would open from Thursday and close on March 15.
"We are launching the second tranche of our tax free bonds from Thursday.
The issue size is Rs 500 crore with an option to retain oversubscription up to Rs 2,805 crore," Hudco chairman and managing director V P Baligar said.
Hudco would utilise the issue proceeds for lending purposes, working capital requirements, augmenting resource base of the company and other operational requirements.
It would offer a higher coupon rate of 7.69 per cent for 15 years maturity period and 7.53 per cent for 10 years to retail investors.
An investment up to Rs 10 lakh qualifies under retail category. For others, the coupon rates are 7.19 per cent for 15 years and 7.03 per cent for 10 years.
The coupon rates for retail investors are lowerthan the first tranche as interest rates have gone down, he added.
Hudco, a mini-ratna firm, is a financial institution that provides long term finance for housing and urban infrastructure projects.
The company is expecting to achieve the sanctioning and disbursal targets for this financial year at Rs 22,000 crore and over Rs 6,000 crore, respectively.
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