Housing Development Finance Corporation (HDFC) has decided to raise Rs 5 billion by issuing secured redeemable non-convertible debentures (NCDs) of three-year tenor on private placement basis at a coupon of 7.67 percent.

The company will use the issue proceeds to finance/re-finance its business. The minimum subscription is one debenture of Rs 10 million each and in multiples of one debenture thereafter. The issue will open and close for subscription on May 19, 2017.

Shares of the company declined Rs 12.15, or 0.78%, to trade at  Rs 1,554.50.  The total volume of shares traded  was  8,391 at the BSE (11.04 a.m., Wednesday).