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

The company said Jan. 23 that the debentures have a tenor of two years with a 7.49% coupon rate.

The issue will open and close Jan. 25. Proceeds from the issuance will be used to finance and refinance the company's housing financing business requirements.

As of Jan. 24, US$1 was equivalent to 68.11 Indian rupees.