HDFC Life to Raise Rs 1,000 Cr via NCDs for Business Growth

New Delhi, Oct 9 (PTI) HDFC Life Insurance on Wednesday said the insurer plans to raise Rs 1,000 crore through non convertible debentures to fund business growth.

The decision to this effect was taken by the Capital Raising Committee (CRC) of the HDFC Life Insurance Board, the insurer said in a regulatory filing.

The fund would be raised through unsecured, rated, listed, subordinated, redeemable, fully paid up, non cumulative, non convertible debentures (NCDs) for an aggregate nominal value of Rs 1,000 crore on a private placement basis, it said.

The debenture of tenure 10 years would carry a coupon rate of 8.05 per cent per annum, it said.

"The debentures proposed to be issued shall neither be secured nor covered by a guarantee of the company or other arrangements that legally or economically enhance the seniority of the claims as against the claims of the company's policyholders and all other creditors," it said.

The debentures shall be listed on the WDM (Wholesale Debt Market) segment of the National Stock Exchange of India Ltd.