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Housing DevelopmentFinance Corp. Ltd. plans to issue 5 billion rupees of debentures ona private placement basis.

The secured, redeemable, nonconvertible debentures were pricedwith a coupon of zero percent per year and will have a tenor of five years.

The effective yield is 8.40% per year and the issue price isat par.

The issue will open May 10 and close the same day.

As of May 6, US$1 was equivalentto 66.51 Indian rupees.