Housing Development Finance Corp. Ltd. plans to raise up to 50 billion Indian rupees via an issuance of nonconvertible debentures on a private placement basis.

The company will issue 30 billion rupees of secured redeemable debentures, with an oversubscription option of 20 billion rupees, according to a Jan. 3 stock exchange filing.

The five-year debentures were priced with a coupon rate of 7.50% per year.

The issuance will open and close Jan. 7 and the debentures will be allotted Jan. 8.

As of Jan. 3, US$1 was equivalent to 71.78 Indian rupees.