HDFC Begins Bond Sale

Housing Development Finance Corporation (HDFC) has started selling bonds worth MVR 100 million.

HDFC reported that the bonds will be on sale up until the 24th of this month. Each bond will be sold for MVR 10,000 and is sold to raise funds for the company’s ‘Mortgage Housing Finance’ projects.

Bonds coupon rate is seven percent per annum with a maturity of 10 years. Earnings from the bond will be disbursed twice a year, added HDFC.

The corporation was formed by a Presidential decree in 2004, with assistance from World Bank. The corporation was changed to public limited company in 2008 and had sold off 51 percent of shares to foreign parties.

Out of this 51 percent, 18 percent of shares are owned by International Finance Corporation, 18 percent by Asian Development Bank and 15 percent are owned by India’s HDFC Investment.

The Corporation is audited every quarter, both internally and externally.


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