HUDCO

MUMBAI, March 21 (Reuters) - India's Housing and Urban Development Corp (HUDCO) HUDC.NS plans to raise 20 billion rupees ($232.8 million), including a greenshoe option of 15 billion rupees, selling bonds maturing in 10 years, three bankers said on Friday.

The company has invited coupon and commitment bids from bankers and investors on Tuesday, they said.

HUDCO did not reply to a Reuters email seeking comment.


Here is the list of deals reported so far on March 21:

*Size includes base plus greenshoe for some issues

($1 = 85.9220 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Savio D'Souza)

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March 18 (Reuters) - Housing and Urban Development Corporation Ltd HUDC.NS:

• LOAN AGREEMENT EXECUTED BETWEEN HUDCO AND APCRDA

Source text: [ID:]

Further company coverage: HUDC.NS

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March 12 (Reuters) - Housing and Urban Development Corporation Ltd HUDC.NS:

• TO RAISE BONDS AGGREGATING UPTO 28.43 BILLION RUPEES

Source text: ID:nBSEdbSq1

Further company coverage: HUDC.NS

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MUMBAI, March 10 (Reuters) - India's Housing and Urban Development Corp (HUDCO) HUDC.NS has accepted bids worth 28.43 billion rupees ($326.1 million) for bonds maturing in 10 years, three bankers said on Monday.

The company will pay an annual coupon of 7.37% on this issue and had invited coupon and commitment bids from bankers and investors earlier in the day, they said.

HUDCO did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on March 10:

*Size includes base plus greenshoe for some issues

($1 = 87.1780 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Varun H K)

(([email protected]))

MUMBAI, March 6 (Reuters) - India's Housing and Urban Development Corp HUDC.NS (HUDCO) plans to raise 40 billion rupees ($459.44 million), including a greenshoe option of 33 billion rupees, selling bonds maturing in 10 years, three bankers said on Thursday.

The company has invited coupon and commitment bids from bankers and investors on Monday, they said.

HUDCO did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on March 6:

*Size includes base plus greenshoe for some issues

($1 = 87.0625 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Janane Venkatraman)

(([email protected]))

MUMBAI, Feb 10 (Reuters) - India's Housing and Urban Development Corp HUDC.NS (HUDCO) has accepted bids worth 29.10 billion rupees ($332.3 million) for bonds maturing in 10 years, three bankers said on Monday.

The company will pay an annual coupon of 7.29% on this issue and had invited coupon and commitment bids from bankers and investors earlier in the day, they said.

HUDCO did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on February 10:

($1 = 87.5900 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Sonia Cheema)

(([email protected]))

By Dharamraj Dhutia

MUMBAI, Feb 7 (Reuters) - Indian state-run companies are set to borrow nearly $2 billion via the bond market early next week after the central bank cut interest rates for the first time in nearly five years.

Four state-run firms REC RECM.NS, IIFCLIIFCL.UL, HUDCO HUDC.NS and SIDBI are looking to raise a total of up to 170 billion rupees ($1.94 billion) through Monday and Tuesday, according to merchant bankers.

Overall, companies raised around 125 billion rupees via bonds this week, compared with the typical weekly issuance range of 50-100 billion rupees.

The companies did not respond to Reuters emails seeking comments.

Earlier in the day, the Reserve Bank of India cut its key policy rate for the first time in nearly five years and signaled a less restrictive policy approach ahead to provide stimulus to the sluggish economy.

Governor Sanjay Malhotra also said the RBI will continue to monitor liquidity and financial market conditions and proactively take appropriate measures to ensure orderly liquidity conditions.

The central bank has already announced an infusion of close to 2 trillion rupees of durable banking system liquidity since the last month.

Bond yields rose after the policy decision as the central bank did not announce any additional liquidity measures along with the rate cut, which was already priced in.

"Market sentiment is expected to stabilise next week ahead of bidding," said Venkatakrishnan Srinivasan, founder and managing partner at debt advisory firm Rockfort Fincap.

Even as state-run companies generally prefer longer duration debt, of the total fundraising over the next two days, 110 billion rupees are being targeted through shorter duration debt.

"We expect robust demand from key investors such as provident funds, insurance companies, mutual funds, and banks for these issuances," said Suresh Darak, founder of Bondbazaar, an online bond trading platform.

Mutual funds have preferred to remain invested in shorter duration high-rated corporate bonds, as they anticipate more liquidity infusion bodes well for this part of the yield curve.

"The RBI also continues to remain comfortable on the domestic growth outlook. This indicates a shallow rate cut cycle ahead. Hence we continue to prefer short to medium duration products given the favourable risk reward," Anurag Mittal, head of fixed income at UTI Asset Management.

($1 = 87.4400 Indian rupees)

(Reporting by Dharamraj Dhutia;Editing by Saumyadeb Chakrabarty)

(([email protected];))

MUMBAI, Feb 6 (Reuters) - India's Housing and Urban Development Corp (HUDCO) HUDC.NS plans to raise 30 billion rupees ($342.7 million), including a greenshoe option of 25 billion rupees, by selling bonds maturing in 10 years, three bankers said on Thursday.

The company has invited coupon and commitment bids from bankers and investors on Monday, they said.

HUDCO did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Feb. 6:

*Size includes base plus greenshoe for some issues

($1 = 87.5400 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Varun H K)

(([email protected]))

Jan 22 (Reuters) - Housing and Urban Development Corporation Ltd HUDC.NS:

• HUDCO - DIVIDEND 2.05 RUPEESPER SHARE

• HUDCO DEC-QUARTER CONSOL PROFIT 7.35 BILLION RUPEES

• HUDCO DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 27.6 BILLION RUPEES

• HOUSING AND URBAN DEVELOPMENT CORPORATION LTD - PROPOSES EXIT FROM IND BANK HOUSING LIMITED

• HOUSING AND URBAN DEVELOPMENT CORPORATION - ENHANCES BORROWING PLAN FOR FY 2024-25 TO 550 BILLION RUPEES

Source text: ID:nNSEcZ1N0

Further company coverage: HUDC.NS

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Jan 15 (Reuters) - Housing and Urban Development Corporation Ltd HUDC.NS:

• TO CONSIDER BORROWING PLAN INCREASE TO 550 BILLION RUPEES FOR FY24-25

Source text: ID:nBSE1KKsXF

Further company coverage: HUDC.NS

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MUMBAI, Dec 23 (Reuters) - India's Housing and Urban Development Corp HUDC.NS (HUDCO) has accepted bids worth 12.30 billion rupees ($144.60 million) for bonds maturing in 10 years, three bankers said on Monday.

The company will pay an annual coupon of 7.12% and had invited coupon and commitment bids from bankers and investors earlier in the day, they said.

HUDCO did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Dec. 23:

*Size includes base plus greenshoe for some issues

($1 = 85.0650 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

(([email protected]))

MUMBAI, Dec 20 (Reuters) - India's Housing and Urban Development Corp (HUDCO) HUDC.NS plans to raise 25 billion rupees ($293.9 million), which includes a greenshoe option of 20 billion rupees, through the sale of bonds maturing in 10 years, three bankers said on Friday.

The company has invited coupon and commitment bids from bankers and investors on Monday, they said.

HUDCO did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Dec. 20:

*Size includes base plus greenshoe for some issues

($1 = 85.0670 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

(([email protected]))

Dec 11 (Reuters) - Housing and Urban Development Corporation Ltd HUDC.NS:

• HUDCO - SIGNED A MEMORANDUM OF UNDERSTANDING WITH DELHI DEVELOPMENT AUTHORITY

Source text: ID:nBSE4qNS3

Further company coverage: HUDC.NS

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** Shares of NBCC (India) Ltd NBCC.NS and Housing and Urban Development Corporation HUDC.NS rise as much as 5% and 5.9%, respectively

** NBCC signs memorandum of understanding with HUDCO for development of a 10-acre institutional plot at tentative cost of 6 bln rupees ($71 mln)

** NBCC stock on track to snap 2 months of losses; HUDC on track to snap 3 months of losses

** More than 3.7 mln shares of HUDCO traded as of 9:31 a.m. IST, vs their 30-day moving avg of over 4.5 mln shares

** Over 5.1 mln shares of NBCC traded in the same time, more than half of its 30-day avg

** NBCC gained 84.1% YTD so far, including today's gains, while HUDC climbed 83.2% YTD

($1 = 84.4580 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

(([email protected];))

Nov 27 (Reuters) - Housing and Urban Development Corporation Ltd HUDC.NS:

• PACT BETWEEN HUDCO AND NBCC

• PACT WITH NBCC FOR DEVELOPMENT OF LAND PARCEL OF 10 ACRES

Source text: ID:nBSEbWKJ3Y

Further company coverage: HUDC.NS

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Sept 25 (Reuters) - Housing and Urban Development Corporation Ltd HUDC.NS:

• APPROVED ISSUE, ALLOTMENT OF NON-CONVERTIBLE DEBENTURES WORTH UPTO 20 BILLION RUPEES

Source text for Eikon: ID:nBSE8jpGVm

Further company coverage: HUDC.NS

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MUMBAI, Sept 23 (Reuters) - India's Housing and Urban Development Corp (HUDCO) HUDC.NS has accepted bids worth 20 billion rupees ($239.49 million) for bonds maturing in 10 years, three bankers said on Monday.

The company will pay a coupon of 7.15%. It had invited coupon and commitment bids from bankers and investors earlier in the day.

Here is the list of deals reported so far on Sept. 23:

*Size includes base plus greenshoe for some issues

($1 = 83.5125 Indian rupees)

(Reporting by Bhakti Tambe and Dharamraj Dhutia)

(([email protected]))

** Housing And Urban Development Corporation (HUDCO) HUDC.NS climbs as much as 9.7% to 252.9 rupees

** Non-banking finance co says it has potential to extend loan assistance in the 750 bln-1 trln rupees ($9 bln-12 bln) range under govt. housing scheme

** HUDCO had surged 7.7% on July 4 on report that India was planning to hike subsidies

** Stock set to snap five straight sessions of declines

** More than 25 mln shares traded, 2.4x the 30-day avg

** HUDCO last up 6.6%, nearly doubling YTD gains

($1 = 83.5040 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru)

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MUMBAI, Sept 19 (Reuters) - Small Industries Development Bank of India (SIDBI) plans to raise up to 80 billion rupees ($956.6 million), including a greenshoe of 60 billion rupees, through the sale of bonds maturing in four years and five months, three bankers said on Thursday.

The company has invited coupon and commitment bids from bankers and investors on Tuesday, they said.

Here is the list of deals reported so far on Sept. 19:

*Size includes base plus greenshoe for some issues

($1 = 83.6330 Indian rupees)

(Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Eileen Soreng)

(([email protected]))

Adds analyst comment paragraph 11 onwards

By Dimpal Gulwani and Bharath Rajeswaran

BENGALURU, Sept 16 (Reuters) - Bajaj Housing Finance's shares BAJO.NS more than doubled in their trading debut on Monday, making it the fourth-best major listing in a red-hot Indian IPO market this year and valuing the company at $16 billion, nearly triple the next-biggest rival.

The blockbuster listing follows strong demand for its $782 million initial public offering -- India's largest and most heavily subscribed in 2024 -- due to booming demand for costlier homes, its link to the storied Bajaj group and relatively better financials than peers, including industry-low bad loans.

Bajaj Housing listed at 150 rupees a share, 114% above the 70 rupee-issue price, the fourth-highest listing gains among mainboard trading debuts this year.

The stock ended up 135.7% at an exchange-imposed maximum of 165 rupees, valuing it at 1.37 trillion rupees, or $16.33 billion. The next biggest home financier is HUDCO HUDC.NS at $6 billion.

The surge in Bajaj Housing's shares and comes with the broader market .NSEI near all-time highs, driven predominantly by domestic investors' appetite.

While the appetite for IPOs has been healthy -- 235 firms have raised more than $8.5 billion so far this year, already surpassing the whole of 2023 -- holding the listing-day gains is not necessarily a given.

For instance, only two of the three stocks with bigger listing gains this year have since moved higher.

The reason that analysts give is valuations -- a concern they extend to the broader market and now also to Bajaj Housing.

"As this IPO comes from a large group, it's generating a lot of buzz. However, the valuation seems quite rich at the moment," said Asutosh Mishra, research head at Ashika Stock Broking.

"From the current pricing, the stock could underperform in the medium term despite solid financial performance, which may not be immediately reflected in the stock price once current euphoria settles down."

Sanjiv Bajaj, chairman of Bajaj Housing, though, told CNBC-TV18 the company's net interest margin is likely to be stable and forecast industry-wide credit growth of 12%-15%. Its NIM was 3.9% in the latest quarter.

Bajaj Housing's public debut weighed on rivals: HUDCO fell 2%, while LIC Housing LICH.NS dropped 6% and PNB Housing PNBH.NS, slid 6.6%.

Bajaj Housing, a unit of non-bank lender Bajaj Finance BJFN.NS, had assets under management (AUM) of over 970 billion rupees as of June 30, making it the No.2 home loan financier by AUM after LIC Housing. Its profit rose 38% last fiscal year.

($1 = 83.8970 Indian rupees)

(Reporting by Dimpal Gulwani and Bharath Rajeswaran in Bengaluru; Editing by Eileen Soreng and Savio D'Souza)

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Adds chart, analyst comment in paragraph 9, updates subscription details

By Dimpal Gulwani and VarunVyas Hebbalalu

BENGALURU, Sept 9 (Reuters) - Bajaj Housing Finance's $782 million public offer was oversubscribed nearly twice on the first day of bidding on Monday, kicking off the busiest week for Indian IPOs so far this year as companies seek to capitalise on a booming stock market.

India's stock market has hit record highs over 50 times this year and seen about 200 companies raise more than $7 billion through IPOs, including high-profile offerings from EV-maker Ola Electric Mobility OLAE.NS and telecom operator Bharti Hexacom BHAX.NS.

This week alone, IPOs of 16 companies open for subscription, including Bajaj Housing Finance's smaller peer Sammaan Capital.

"The IPO market is driven by a bullish secondary market where we are seeing an extended rally," said Pranav Haldea, managing director of capital market information provider Prime Database Group.

"Sentiment is positive on the back of a strong Indian economy and a huge gush of liquidity from domestic institutional and individual investors. This year is on track to be the best IPO year in India."

India's benchmark Nifty 50 index .NSEI has gained about 15% in 2024, as domestic institutional investors pumped in nearly $38 billion, offsetting selling by foreign investors. Systematic investment plan contributions in mutual funds have hit record highs for 13 straight months.

Bajaj Housing Finance's BAJO.NS float, one of India's largest offerings this year, is set to make the firm the country's most valuable listed home loan provider at a valuation of around $7 billion.

Non-institutional investors bid for more than four times the shares reserved for them by 5 p.m. IST, exchange data showed. Retail investors bid for 1.5 times their earmarked shares.

Investor confidence is reflected in the full subscription on day one, there is excitement about the Bajaj group's first public offering in a long time, said Asutosh Mishra, research head at Ashika Stock Broking.

The shares are being offered in a 66-70 rupee band. The IPO will close on Wednesday.

The company, a unit of non-bank lender Bajaj Finance BJFN.NS, has already raised about $209 million from major institutional investors including the government of Singapore, BlackRock BLK.N and Abu Dhabi Investment Authority.

Bajaj Housing Finance stands to benefit from India's rising home prices, driven by demand for luxury properties, which forms a major part of its business.

"Amid high demand for home loans, more builders are entering the luxury segment rather than affordable because there is more money in that business," said Arun Kejriwal, founder of Kejriwal Research.

(Reporting by Dimpal Gulwani and Varun Hebbalalu in Bengaluru, Additional reporting by Bharath Rajeswaran; Editing by Mrigank Dhaniwala)

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Aug 29 (Reuters) - Housing and Urban Development Corporation Ltd HUDC.NS:

• HUDCO -GETS CERTIFICATE OF REGISTRATION AS NBFC- IFC FROM RBI

Source text for Eikon: ID:nBSEb5jsZc

Further company coverage: HUDC.NS

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Aug 12 (Reuters) - Housing and Urban Development Corporation Ltd HUDC.NS:

• JUNE-QUARTER PROFIT 5.58 BILLION RUPEES

• JUNE-QUARTER INTEREST INCOME 21.75 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: HUDC.NS

(([email protected];))

Aug 5 (Reuters) - Housing and Urban Development Corporation Ltd HUDC.NS:

• HUDCO - MOU BETWEEN HUDCO AND RITES

Source text for Eikon: ID:nBSE4kwsZx

Further company coverage: HUDC.NS

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July 24 (Reuters) - Housing and Urban Development Corporation Ltd HUDC.NS:

• MOU WITH THE GOVERNMENT OF RAJASTHAN

• TO PROVIDE ASSISTANCE FOR HOUSING, URBAN INFRASTRUCTURE FOR 1 TRLN RUPEES OVER 5 YRS

Source text for Eikon: ID:nBSE8CFrJt

Further company coverage: HUDC.NS

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MUMBAI, July 15 (Reuters) - India's Housing and Urban Development Corp HUDC.NS (HUDCO) has accepted bids worth 18.50 billion rupees ($221.45 million) for bonds maturing in five years, five bankers said on Monday.

The company will offer a semi-annual coupon of 7.28% on these bonds and had invited coupon and commitment bids from bankers and investors earlier in the day.

Here is the list of deals reported so far on July 15:

*Size includes base plus greenshoe for some issues

($1 = 83.5420 Indian rupees)

(Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

(([email protected]))

MUMBAI, July 12 (Reuters) - India's Housing and Urban Development Corp (HUDCO) HUDC.NS plans to raise 20 billion rupees ($239.44 million), including a greenshoe option of 15 billion rupees, through the sale of bonds maturing in five years, three bankers said on Friday.

The company has invited coupon and commitment bids from bankers and investors on Monday, they said.

Here is the list of deals reported so far on July 12:

*Size includes base plus greenshoe for some issues

($1 = 83.5280 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

(([email protected]))

MUMBAI, July 5 (Reuters) - India's Housing and Urban Development Corp (HUDCO) HUDC.NS plans to raise 15 billion rupees (about $180 million) through the sale of bonds maturing in five years, three bankers said on Friday.

The company will invite bids from bankers and investors on Wednesday, they said.

Here is the list of deals reported so far on July 5:

*Size includes base plus greenshoe for some issues

($1 = 83.4750 Indian rupees)

(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Savio D'Souza)

(([email protected]))

Adds share movement in paragraph 5 after Reuters report

By Manoj Kumar

NEW DELHI, July 3 (Reuters) - India plans to increase state subsidies on rural housing in the upcoming federal budget by as much as 50% from the previous year to more than $6.5 billion, after setbacks for the prime minister's party in elections, two government sources said.

The planned hike in housing subsidies is part of a broader government initiative to boost spending on rural infrastructure including village roads and a jobs programme to help millions of young people stuck in the agriculture sector amid limited manufacturing jobs.

If approved, it would mark the largest annual increase in federal spending on the rural housing programme since its inception in 2016.

"The government is worried over widespread rural economic distress, driven by higher food inflation and sluggish growth in farmers' incomes," said one of the government sources with knowledge of budget discussions.

Shares of Housing and Urban Development Corp HUDC.NS rose as much as 9% after the Reuters report, while Aadhar Housing Finance AADA.NS and GIC Housing Finance GICH.NS rose around 4.5%.

Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) is having to rely on allies to run the government for the first time in a decade, after the opposition did much better than expected in a bitterly fought national election that ended last month.

Under the PM Awas Yojna(Rural) housing scheme, the government aims to facilitate construction of an additional 20 million houses over the next few years, after providing aid for more than 26 million homes for poor households over the past eight years.

Finance Minister Nirmala Sitharaman is expected to announce details of plan during the budget presentation later this month.

"We expect a substantial increase in allocations for several rural schemes this year, including housing, roads and jobs programme," said the second government source, noting federal subsidies for rural housing could exceed 550 billion rupees ($6.58 billion), up from 320 billion rupees last fiscal year.

He said state spending on the rural jobs programme was expected to increase substantially from an earlier estimate of 860 billion rupees, but the government may seek parliament approval for this additional spending later, not as part of the budget.

He said a separate proposal for increasing spending on village roads was also under consideration, from earlier estimates of 120 billion rupees in the current fiscal year.

Both sources spoke on the condition of anonymity as they were not authorised to discuss budget proposals with the media.

During pre-budget consultations, economists and industry leaders urged the government to ramp up rural spending to stimulate consumer demand, noting that private consumption was growing at half the pace of nearly 8% annual economic growth.

The sources said to build 20 million houses for the poor in the rural areas, the federal and state governments are expected to allocate up to 4 trillion ($47.89 billion) over the next few years, with the federal government contributing around 2.63 trillion rupees.

A finance ministry spokeswomen didn't comment when asked about spending plans.

Last month, shortly after assuming office, Modi's cabinet announced plans to assist in the construction of 30 million houses in rural and urban areas, without disclosing financial details.

The Ministry of Rural Development has proposed increasing state subsidies to about 200,000 rupees ($2,395) per housing unit, up from 120,000 rupees previously, citing rising costs of raw materials, the second official said.

($1 = 83.5315 Indian rupees)

(Reporting by Manoj Kumar;Additional reporting by Aftab Ahmed; Editing by Kim Coghill)

(([email protected]; +919810286200; Twitter:@manojgulnar;))

June 28 (Reuters) - Housing and Urban Development Corporation Ltd HUDC.NS:

• APPOINTS REVA SETHI AS CHIEF FINANCIAL OFFICER

Further company coverage: HUDC.NS

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