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Cholamandalam Investment to set up housing finance unit, issue masala bonds

Cholamandalam Investment & Finance Co. Ltd. is looking to set up a housing finance subsidiary and issue 5 billion Indian rupees worth of masala bonds.

The company said Dec. 20 that its board approved a plan to file an application to the National Housing Board for setting up the proposed housing finance subsidiary.

Further, the company said it plans to issue 5 billion rupees worth of masala bonds in the form of secured redeemable, non-convertible debentures. The company will issue masala bonds in one or more tranches on a private placement basis.

As of Dec. 20, US$1 was equivalent to 63.99 Indian rupees.