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HDFC to raise 13.6B rupees in debenture issue

HousingDevelopment Finance Corp. Ltd. will raise 13.60 billion Indianrupees from the issuance of secured debentures via a private placement.

The company said May 6 that the debentures were priced witha coupon of 8.38%. The debentures have a tenor of 1 year and 10 months.

Proceeds from the issuance will be used to boost thelong-term resources of the company, as well as for financing and refinancingthe housing finance business requirements of HDFC.

The issue will open May 9 and close the same day.

As of May 5, US$1 wasequivalent to 66.56 Indian rupees.