Indiabulls Housing Finance's Rs 1,000-cr public issue of bonds opens Thursday
Indiabulls Housing Finance said its public issue of bonds will open on Thursday to raise up to Rs 1,000 crore, the proceeds of which will be utilised to fund its business growth.
Indiabulls Housing Finance said its public issue of bonds will open on Thursday to raise up to Rs 1,000 crore, the proceeds of which will be utilised to fund its business growth. The issue has a base size of Rs 200 crore with an option to retain oversubscription up to Rs 800 crores, aggregating to up to Rs 1,000 crore, the company said in a regulatory filing on Wednesday. The issue opens on December 9 and closes on December 20, 2021 with an option of early closure. The secured, redeemable, non-convertible debentures (NCDs) have a face value of Rs 1,000 each. ''Net proceeds of the issue will be utilized for the purpose of onward lending, financing, and for repayment of principal and interest of existing borrowings of the company (at least 75 per cent) - and the rest (up to 25 per cent) for general corporate purposes,'' Indiabulls Housing Finance said in the filing. The NCDs are proposed to be listed on the stock exchanges, with BSE as the designated exchange for the issue. The bonds have been rated 'AA/stable' by Crisil Ratings and AA+ by Brickworks Ratings. The bonds have tenures of 24, 36 and 60 months, with yields in the range of 8.35 per cent to up to 9.26 per cent, depending upon the category. Stock of Indiabulls Housing closed at Rs 250.70 apiece on BSE, up 1.48 per cent from the previous close.
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