HDFC plans to raise up to 11.5 bln rupees through bond sales

MUMBAI, March 6 (Reuters) - Housing Development Finance Corp , India's biggest mortgage lender, plans to raise up to 11.50 billion rupees ($209.68 million) through two separate bond deals, a source with direct knowledge of the matter said.

The company will raise 5 billion rupees through 1-year 1-day bonds at 9.50 percent, said the source, adding HSBC was the sole arranger to the bond sale.

HDFC is also raising up to 6.5 billion rupees through 14-month papers, the source said.

It will pay a coupon of 9.50 percent with an annualised yield of 9.43 percent and Credit Suisse is an investor in the deal, the source added.

($1 = 54.8450 Indian rupees) (Reporting by Archana Narayanan; Editing by Anupama Dwivedi)