HDFC Raises over MVR 81 million from Bond Sales

Housing Development Finance Corporation (HDFC) has raised MVR 81.39 million from their bond sale.

The company announced a bond sale back in June of this year. Each bond was to be sold for MVR 10,000 and was sold to raise funds for the company’s ‘Mortgage Housing Finance’ projects. They also announced that the coupon rate is at seven percent per annum, with a maturity of 10 years. Investors will receive earnings twice a year.

HDFC reported that 17 parties had taken up on the offer, investing 81.93 million. The company had targeted for a total fund of MVR 100 million. This is an increase of 47 percent compared to the previous bond sale. Back in 2013, the company issued bonds, which brought in MVR 51.97 million.

Last year, HDFC earned MVR 81 million in profits.

‘The uptake in parties investing in HDFC bonds is clear indicator of the development of a capital market in the Maldives, an increase in public awareness on such investments and a clearer indication of how much the public placed faith in financial institutions,’ a statement released by the company said.

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