Indiabulls Housing Finance opens public bond offering to raise up to Rs 800 Crore

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Indiabulls Housing Finance opened the public bond offering on Friday to raise loan capital of up to Rs 800 crore.


The public issue of secured, redeemable and non-convertible debentures with a face value of Rs 1,000 each, is Tranche III for the non-banking finance company, which closes on 28 October 2022.


In a statement, the company said the base issue size is Rs 100 crore with a subscription-based holding option of up to Rs 700 crore.


The bonds carry coupon rates ranging from 8.33 to 9.55 percent per annum, he said, adding that the duration is 24 months and 36 months belonging to different series. It is proposed to include NTMs on the ESB and ESN.


The bonds have been rated CRISIL AA/Stable by CRISIL Ratings and [ICRA]AA (Stable) by CIFAR.


“The net proceeds from the issuance of Tranche III, after covering expenses related to the issuance of Tranche III, at least 75% shall be used for subsequent lending, financing and repayment of interest and principal of the company’s existing borrowings and up to 25% for general corporate purposes,” the company said.


The company’s consolidated cash and cash equivalents stood at Rs 4,614.55 crore at the end of June 30, 2022. Borrowings (other than debt securities) were worth Rs 31,955.59 crore.


Indiabulls Housing Finance stock was trading at Rs 134.90 each on the BSE, up 2.24% from the previous close.

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