By Devika Patel
Knoxville, Tenn., Aug. 20 - HDFC Bank Ltd. said it priced an issue of Rs. 40 billion of 0% secured redeemable non-convertible debentures.
Half of the debentures will have a yield to maturity of 7.15%, and the remainder will carry a 7.85% yield to maturity. The 7.15% notes will mature in August 2011, and the 7.85% notes mature in August 2012. Both series will be sold in Rs. 1 million increments.
Investors also will receive warrants for shares, which are exercisable at Rs. 275 for three years.
HDFC Bank, based in Mumbai, India, is a private sector bank.
| Issuer: | HDFC Bank Ltd.
|
| Issue: | Secured redeemable non-convertible debentures
|
| Amount: | Rs. 40 billion
|
| Warrants: | Yes
|
| Warrant expiration: | Three years
|
| Warrant strike price: | Rs. 275
|
| Announcement date: | Aug. 20
|
| Settlement date: | Aug. 24
|
|
|
| 7.15% debentures
|
| Maturity: | August 2011
|
| Coupon: | 0%
|
| Par value: | Rs. 1 million
|
| Yield: | 7.15%
|
|
|
| 7.85% debentures
|
| Maturity: | August 2012
|
| Coupon: | 0%
|
| Par value: | Rs. 1 million
|
| Yield: | 7.85%
|
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