Chennai:
Housing and Urban Development Corporation has till now mobilized Rs 1,748 crore through its tax free bonds and hopes that the public issue would be oversubscribed and fetch the infrastructure company Rs 4,800 crore before its closure on October 14.
Addressing a press conference here on Monday Senior executive director (Chennai) of HUDCO K Subramanian and general manager (finance) Rekha V Sarathy said that the Bonds were issued on September 17 to raise Rs 750 crore in first tranche but it has already been oversubscribed.
The bonds are being offered to raise funds for constructing homes for economic weaker sections, said Subramanian. The bonds are issued with a face value of Rs 1,000 each in the nature of secured, redeemable, non-convertible debentures having benefits under the Income Tax Act.
Sarathy said that the bonds under the issue is proposed to be listed on the Bombay Stock Exchange by the end of the month.
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