Housing Development Finance Corp. Ltd. plans to issue 20 billion Indian rupees of secured redeemable nonconvertible debentures on a private placement basis.

The company said March 23 that the 10-year debentures were priced at par with a coupon rate of 1.50% per year from the date of allotment to March 26, 2018. The step up coupon rate is 11.08% per year from March 27, 2018, to March 26, 2020, and 7.78% per year from March 27, 2020, to the redemption date of March 27, 2027.

The issue will open March 27 and close the same day. Proceeds from the issuance will be used to finance and refinance the company's housing finance business requirements.

As of March 24, US$1 was equivalent to 65.39 Indian rupees.