HDFC Life would use bonds to raise up to Rs 350 crore in debt capital

HDFC Life Insurance Company announced on Friday that it will issue bonds on a private placement basis to generate debt capital of up to Rs 350 crore.

HDFC Life said in a regulatory filing that the company's Capital Raising Committee authorised a plan to raise up to Rs 350 crore through the issuing of 3,500 non-convertible debentures.

The bonds will have an annual coupon rate of 8.20 percent, according to the business. The bonds will be listed on the NSE's wholesale debt market segment, according to the company.

On the BSE, HDFC Life was trading at Rs 550, down 3.69 percent from its previous close.