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HDFC to issue 20B rupees of synthetic notes

HousingDevelopment Finance Corp. plans to raise 20 billion rupees via anissuance of synthetic notes, with option to retain oversubscription of up to 10billion rupees.

The company said July 11 that the notes will be priced witha fixed coupon and will have a tenor of three years and one month. The noteswill be priced on or before July 15, subject to market conditions.

HDFC is looking to list the notes on the London StockExchange.

Axis Bank, Credit Suisse and Nomura will act as the jointbook runners and lead managers for the issuance.

As of July 11, US$1was equivalent to 67.10 Indian rupees.