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India's Housing Development Finance to issue 5B rupees of debentures

Housing Development Finance Corp. Ltd. plans to raise 5 billion Indian rupees by issuing secured redeemable nonconvertible debentures via private placement.

The mortgage lender will also have an option to retain oversubscription of 25 billion rupees, according to an Oct. 10 release.

The 10-year debentures will carry a 9.05% annual coupon rate. Issuance will open Oct. 12 and close the same day.

Proceeds from the exercise will go toward financing and refinancing the company's housing finance business requirements.

As of Oct. 10, US$1 was equivalent to 74.25 Indian rupees.