Housing Development Finance Corporation (HDFC), leading housing finance provider, on Tuesday announced that it will plan to issue secured redeemable non-convertible debentures of Rs 1 million each under series Y-003.

The issue size is Rs 20 billion with option to retain over subscription upto Rs 30 billion.

The issue opens for bidding on Dec 10, 2020. The redemption date is Dec.14, 2025. The coupon rate is 4.50% per annum.

"The object of the issue is to augment the long-term resources of the corporation. The proceeds of the present issue would be utilised for financing/ refinancing the housing finance business requirements of the corporation," it said.

Shares of the company gained Rs 6.6, or 0.29%, to settle  at  Rs 2,309.85.  The total volume of shares traded  was  166,552 at  the BSE (Tuesday).