Indiabulls Housing Finance raises $165 mn by selling convertible bonds
Indiabulls Housing Finance raised $165 million from overseas investors by selling five-year convertible bonds.
The proceeds will most likely be used for further lending when the home financier returns home. The debt papers most likely offered a 4.5% interest rate. The bonds are expected to be listed on the Singapore Stock Exchange as high-yield securities with a credit rating below investment grade. On 21st September 2021, a meeting of the Securities Issuance Committee of the Company's board of directors will be held to consider and approve, among other things, the issue price and other terms of the FCCBs, on Thursday the company said in a separate exchange filing. By the end of this fiscal year, Indiabulls Housing Finance aims to disburse Rs 2,000 crore in home loans per month. It currently disburses approximately Rs 800 crore per month. Co-lending partnerships have also been a priority for the company. Punjab & Sind Bank (PSB), a state-owned bank, recently announced a strategic co-lending alliance for MSME and priority sector home loans with Indiabulls Commercial Credit and Indiabulls Housing Finance (IHFL). Housing Development Corporation of India (HDFC Ltd) and Indiabulls Housing had formed a similar alliance at the start of the fiscal year. Earlier this month, the housing finance company began selling local bonds in a public offering. It is still open for subscription, with the borrower currently receiving about Rs 591 crore. During the April-June quarter, Indiabulls Housing Finance's consolidated net profit increased by 3.2% to Rs 282 crore.Also read: Yes Bank, Indiabulls Housing enter co-lending pact to offer home loans
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