HDFC Bank has raised Rs 739 crore by issuing the rupee-denominated masala bonds in the overseas markets. The private sector lender will use the proceeds from the issue for banking activities.
The subordinated additional tier I bonds are compliant with Basel III norms. The perpetual bonds, which are unrated and unsecured, carry a coupon rate of 7.55 per cent. The notes (bonds) will be listed on the India International Exchange (IFSC) and NSE IFSC.
HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.
