Housing Development Finance Corporation (HDFC) will issue secured redeemable non-convertible debentures (NCDs) worth Rs 7.75 billion on a private placement basis.  The issue will open on June 21 and close on the same day.

The coupon rate on the bonds is fixed at 7.28% per annum and set to mature by March 2019. The object of the issue is to augment long-term resources of the corporation. The proceeds of the present issue would be utilized for financing and refinancing the housing finance business requirements of the corporation.

Shares of the company declined Rs 16.55, or 1%, to trade at Rs 1,637.15. The total volume of shares traded was 27,471 at the BSE (1.07 p.m., Tuesday).