HDFC Bank’s Rs. 2 b debenture issue snapped up

Tuesday, 22 October 2013 00:46 - - {{hitsCtrl.values.hits}}

HDFC Bank’s Rs. 2 billion worth listed debenture issue has been snapped up, prompting its closure on its official opening day itself. The bank said it has received applications for over Rs. 2 billion worth of debentures. The issue was for 10 million listed five year rated secured redeemable debentures of Rs. 100 each with an option to offer an equal amount further in the event of an oversubscription of the original amount. Interest rates offered were a fixed rate quarterly interest of 14.5% for three years, 15% also quarterly for four years and 15.5% annually for five years. The issue was rated ‘BBB’ by Ram Ratings Lanka Ltd. In 2012 HDFC Bank posted a 13.4% growth in income despite an exorbitant interest rate incline of 33%. In the first eight months of 2013, HDFC Bank posted PBT of Rs. 239 million and PAT of Rs. 108 million, compared to Rs. 51 million and Rs. 2 million respectively for the same period in 2012. The forecast at end 2013 earmarks PAT of Rs. 250 million and a balance sheet growth of Rs. 26 billion, from the current Rs. 23 billion. The housing loan portfolio forecast is for Rs. 27 billion at end 2013, compared to last year’s Rs. 17 billion.

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