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HUDCO mops up Rs 2.79 bln by issuing tax-free bonds

Contify Banking

New Delhi: State-run Housing and Urban Development Corporation Ltd has garnered Rs 2.79 billion via issue of tax-free bonds.

The firm pre-closed the issue owing to over-subscription, a senior Hudco official said.

HUDCO had unveiled the third tranche of tax-free bond issue on February 28 with an aim to raise Rs 2.86 billion. The issue was scheduled to be close on March 19.

A total of Rs 49.93 billion has been raised in three tranches. It had hauled in Rs 47.14 billion in the first two tranches of tax-free bonds and private placements, the official said.

HUDCO was permitted to raise Rs 50 billion through issue of tax-free bonds in the current fiscal ending on March 2014.

The basic size of the issue was Rs 750 million and had an option to retain over-subscription of up to Rs 2.85 billion.

Copyright Contify.com