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Housing Development Finance to issue 15B rupees of debentures

HousingDevelopment Finance Corp. Ltd. plans to issue 15 billion Indianrupees of secured nonconvertible debentures on a private placement basis.

The company said Oct. 6 that the debentures were priced witha coupon of 7.50% per year and have a tenor of one year and 364 days. The issuewill open and close Oct. 13.

The proceeds from the issuance will be used to finance andrefinance the company's housing financing business requirements.

As of Oct. 5, US$1 wasequivalent to 66.55 Indian rupees.