Mortgage lender HDFC on Monday said it will raise Rs 10,000 crore by issuing non-convertible debentures (NCDs) on a private placement basis to shore up its resources.

These unsecured NCDs have a tenure of 10 years, and the coupon rate will be decided on the electronic bidding platform, HDFC said in a regulatory filing.

The object of the issue is to augment the long-term resources of the corporation, it said.

The proceeds of the issue would be utilised for financing/refinancing the housing finance business requirements, it said.