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Housing Development Finance to issue 450B rupees of nonconvertible debentures

Housing Development Finance Corp. Ltd.'s board approved the issuance of 450 billion Indian rupees of nonconvertible debentures.

The secured redeemable debentures will be issued in one or more tranches on a private placement basis.

The issuance is subject to shareholder approval.

As of Aug. 2, US$1 was equivalent to 69.69 Indian rupees.