HDFC Ergo General Insurance Company, a joint venture (JV) between HDFC and Ergo International AG, has raised Rs 350 crore through Non-Convertible Debentures (NCDs) to strengthen its capital base. The fund was raised by way of the private placement of unsecured, subordinated, redeemable, NCDs of face value Rs 10 lakh each. The NCDs were issued in November with a coupon rate of 7.6%. It is listed on the BSE and has tenure of 10 years with a call option at the end of 5 years.
HDFC offers a whole gamut of products like loans to individuals, loans to corporates, construction finance, and lease rental discounting. The financial conglomerate has subsidiaries and associates in insurance (general and life), asset management, education finance, venture funds and banking services.
