HDFC eyes $250 m from overseas market

Chennai: Housing Development Finance Corporation (HDFC) Ltd proposes to raise $250 million from the overseas market this year, says HDFC executive director R V S Rao.

Rao says of the $250 million, $100 million will be raised immediately and the rest in about three months. In addition, the company is also talking to Asian Development Bank for loans. The quantum of loans is yet to be decided, but it could be around $150 million.

HDFC expects to raise its loan sanctions to over Rs 12,000 crore up from Rs 9,042 crore last year. The amounts received from loan repayments and the funds raised abroad will take care of the banks funding needs for this year, says Rao.

While there is no domestic borrowing programme, the company is raising Rs 150 crore through securitisation. The securitisation deal is put through IL&FS Trust Company Ltd, a special purpose vehicle set up by IL&FS. The issue (under which investors will be given debt instruments called pass through certificates) was opened on 21 May 2002, and will close on 7 June 2002).