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Housing Development Finance to issue 20B rupees of debentures

Housing Development Finance Corp. Ltd. said it would raise 20 billion Indian rupees by issuing secured redeemable nonconvertible debentures through a private placement.

The debentures, which have a tenor of one year and two months, will have a 7.55% annual coupon rate.

The mortgage lender will use the proceeds for financing and refinancing the company's housing finance business requirements. The issue will open Dec. 20 and close the same day.

As of Dec. 18, US$1 was equivalent to 64.17 Indian rupees.