Housing Development Finance Corporation (HDFC) is expected to raise MVR 100 million by selling bonds to interested parties.
The bank has announced while the fixed income bond sales is added to its prospectus the sale-window will open up on June 3 for a 24 day period. HDFC added they were open to sell a maximum of 10,000 bonds each priced at MVR 10,000.
HDFC is set to sell the bond to acquire financing for 'mortgage housing financing' projects and the bonds will last for a 10 year period. With a coupon rate of 7% incurred to the bonds the buyers would receive profits from it twice every year.
HDFC came to inception though 49% shares of Maldives government and 18% owned by International Finance Corporation (IFC) while Asian Development Corporation (ADB) owned 18% and HDFC Investment India held 15% shares.
