Housing Development Finance Corp. Ltd. plans to issue 14.98 billion Indian rupees of secured redeemable nonconvertible debentures on a private placement basis.

The company said March 22 that the debentures will have a three-year tenor with an annual coupon rate of 7.78%. Proceeds from the issuance will be used for augmenting the long-term resources of the company.

The issue will open March 24 and close the same day. Axis Bank will act as arranger for the issuance.

As of March 23, US$1 was equivalent to 65.44 Indian rupees.