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Housing Development Finance to issue 25B rupees of debentures

Housing Development Finance Corp. Ltd. plans to issue 25 billion Indian rupees of secured redeemable nonconvertible debentures on a private placement basis.

The debentures bear a coupon of 7.40% per year and have a tenor of three years and one month.

The issue will open Oct. 17 and close the same day.

Proceeds from the issuance will be used to finance and refinance the company's housing finance business requirements.

As of Oct. 11, US$1 was equivalent to 65.16 Indian rupees.