HDFC Life Insurance to Boost Growth with Rs 1,000 Crore Debenture Plan

HDFC Life Insurance plans to raise Rs 1,000 crore through non convertible debentures to fund business expansion. The Capital Raising Committee approved this move. The debentures, with a 10-year term and 8.05% annual interest, will be unsecured and listed on the National Stock Exchange.

In a significant move to bolster its business expansion strategy, HDFC Life Insurance announced on Wednesday its plan to raise Rs 1,000 crore by issuing non convertible debentures.

The decision, approved by the company's Capital Raising Committee, was disclosed in a regulatory filing. The debentures will be unsecured, rated, listed, and set for a 10-year term with an 8.05% annual coupon rate.

The issuance aims for a private placement basis and will be traded on the Wholesale Debt Market segment of the National Stock Exchange of India Ltd, providing a strategic avenue for HDFC Life to grow its financial capabilities.

(With inputs from agencies.)