Housing Development Finance Corp. Ltd. plans to raise up to 30 billion Indian rupees through the issuance of nonconvertible debentures on a private placement basis, Press Trust of India reported March 25, citing a regulatory filing.

The company will issue 20 billion rupees of debentures with an option to retain up to 30 billion rupees. The bonds have a coupon rate of 8.55% and a redemption date of March 27, 2029.

Funds raised from the issuance will be used to augment the company's long-term capital resources.

As of March 25, US$1 was equivalent to 68.90 Indian rupees.