New Delhi,  Realty major DLF's Finance Committee on Wednesday approved an issue of redeemable non-convertible debentures (NCD) with principal amount of Rs 500 crore through private placement.

The debenture will be issued in one or more tranches to certain eligible investors permitted to invest in the NCDs as per applicable laws, the company said in a market filing.

The secured, rated listed and redeemable NCDs will carry a coupon rate of 8.25 per cent (ie annualised equivalent of 7.95 per cent per annum payable per month).

The company did not disclose the purpose of the private placement.