Housing Development Finance Corp. Ltd. plans to raise up to 50 billion Indian rupees via an offering of nonconvertible debentures, or NCDs, on a private placement basis.
The offering has a base issue size of 15 billion rupees, with an option to retain oversubscription of 35 billion rupees. The NCDs were priced with a coupon rate of 8.70% per year and have a tenor of one year and 11 months.
The issuance will open and close Jan. 11 and the NCDs will be allotted Jan. 15.
Proceeds from the issuance will be used for financing and refinancing the housing finance business requirements of the company.
The NCDs will be listed on the BSE and the National Stock Exchange of India.
ICICI Bank is the arranger for the issuance.
As of Jan. 9, US$1 was equivalent to 70.45 Indian rupees.