Housing & Urban Development Corporation Limited NCD (HUDCO NCD September 2013) Detail

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The Housing and Urban Development Corporation Ltd. (HUDCO) was incorporated on April 25, 1970 under the Companies Act 1956, as a fully owned enterprise of the Government of India. HUDCO was aimed at accelerating the pace of construction and elimination of housing shortages and for orderly development of urban centres.

Major Objective of HUDCO are:

1. To provide long term finance for construction of houses for residential purposes or finance or undertake housing and urban development programmes in the country.

2. To finance or undertake, wholly or partly, the setting up of new or satellite town.

3. To subscribe to the debentures and bonds to be issued by the State Housing (and or Urban Development) Boards, Improvement Trusts, Development Authorities etc., specifically for the purpose of financing housing and urban development programmes.

4. To finance or undertake the setting up of industrial enterprises of building material.

5. To administer the moneys received, from time to time, from the Government of India and other sources as grants or otherwise for the purposes of financing or undertaking housing and urban development programmes in the country.

5. To promote, establish, assist, collaborate and provide consultancy services for the projects of designing and planning of works relating to Housing and Urban Development programmes in India and abroad.

Objects of the Issue:

The funds proposed to be raised through the Issue shall be utilized towards:

1. Debt servicing, which includes servicing of both the principal amounts as well as interest payments of various debt facilities availed by their Company in the past and currently outstanding in its books of accounts, in cluding loans, market borrowings (which include non-convertible bonds/ debentures);
2. Statutory payments;
3. Establishment and administrative expenses;
4. Other working capital requirements of the Company ; and
5. Any other purposes and end-uses as may be allowed by RBI from time to time regulations/guidelines/clarifications issued by RBI.

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