Mumbai: Mortgage lender Dewan Housing Finance Corp. Ltd (DHFL) Thursday said its Rs12,000 crore non-convertible debentures (NCDs) bond issue will open for subscription on 22 May. The base size of the issue is Rs3,000 crore.

DHFL is offering NCDs maturing in three, five, seven and 10 years, with varying coupon rates. Accordingly, the effective yield ranges between 8.90% and 9.10%.

DHFL is offering the option of monthly interest payment on three- and five-year NCDs. It has also structured three-year NCDs with floating interest rate.

DHFL will use at least 75% of the net proceeds of the public issue to repay debt. The NCDs are rated AAA.

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