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Housing Development Finance to raise up to 30B rupees in debentures

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.