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India's Housing Development Finance to issue 40B rupees of debentures

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India's Housing Development Finance to issue 40B rupees of debentures

India's Housing Development Finance Corp. Ltd. said it will issue 40 billion rupees worth of secured redeemable debentures in a private placement.

The nonconvertible debentures, which have a tenor of one year and one day, will bear a 7.90% annual coupon. The issue will open March 19 and close the same day.

The mortgage lender said it will use proceeds from the issuance to finance and refinance its housing finance business requirements.

As of March 13, US$1 was equivalent to 64.76 Indian rupees.