India’s Dewan plans Rs. 750 million secured non-convertible debentures

By Wendy Van Sickle

Columbus, Ohio, March 18 – Dewan Housing Finance Corp. Ltd. plans to issue Rs. 750 million of secured non-convertible redeemable debentures in two tranches via private placement, according to a Bombay Stock Exchange notice.

The company is planning a 10-year Rs. 250 million tranche with a 9% coupon.

Dewan is also planning a Rs. 500 million tranche due 2019 with a 9.15% coupon that would also have a Rs. 500 million greenshoe.

The planned issue size was upsized from a Rs. 25 million issue the company had proposed on Thursday.

The debentures, with a face value of Rs. 1 million each, will be issued on the terms and conditions of the special resolution passed by shareholders on July 23, 2015.

Dewan Housing is based in Gurgaon, India.

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