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Indiabulls Housing Finance is marketing a three-year and one-month Masala at 8.75-8.85 per cent.
The size is expected to be at least Rs 10,000 crore ($150 million). The leads have received over $150 million in interest at initial guidance levels.
The unrated offshore rupee offering will be issued in Reg S format. Indiabulls is rated AAA by local credit agency Care.
Pricing is expected as early as tomorrow.
YES Bank, Axis Bank, Bank of America Merrill Lynch, Citigroup, Credit Suisse and Nomura are bookrunners.
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