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Housing Development Finance to issue 10B rupees of debentures

Housing Development Finance Corp. Ltd. plans to issue 10 billion Indian rupees of nonconvertible debentures in a private placement.

The company said the secured debentures bear a coupon rate of 7.20% per year and are due June 26, 2018. The issue will open June 1 and will close the same day.

Proceeds from the issuance will be used for financing and refinancing the company's housing finance business requirements.

As of May 30, US$1 was equivalent to 64.57 Indian rupees.