HousingDevelopment Finance Corp. Ltd. plans to raise 10 billion rupees viaan issuance of secured redeemable nonconvertible debentures.

The company said July 12 that the debentures were priced witha coupon of 8.38% per year and have a tenor of three years. Theissue price is at par.

The issue will open July 15 and close the same day.

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

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