On Friday, HDFC Life Insurance said it would raise debt capital of up to Rs 350 crore through the private placement of bonds.

HDFC Life said in a regulatory filing that the Ways and Means Committee of the company’s board approved a proposal to raise Rs 350 crore through the issue of 3,500 non-convertible bonds.

The company said the bonds have a coupon rate of 8.20% per annum. The bonds will be listed on the wholesale debt market segment of the NSE, it said. Shares of HDFC Life are trading at Rs 550 on the BSE, down 3.69% from the previous close.