Indiabulls Housing Finance: Indiabulls Housing Finance Raises $ 165 Million Through Offshore Papers

MUMBAI: Raised around $ 165 million by selling five-year convertible bonds to foreign investors, two people familiar with the matter told ET.

Upon returning home, the home financier will likely use the proceeds for future loans. Debt securities were probably offering 4.5 percent. They will have a put option after three years, giving investors the option to exit before the scheduled deadline, sources said.

Deutsche Bank, CLSA, Edelweiss UK and Elara Capital have helped the company raise funds. Individual bankers could not be reached immediately for comment. Indiabulls Housing did not immediately respond to ET’s request.

The bonds are supposed to be listed on the Singapore Stock Exchange and marked as high yield securities, below the investment grade.

“A meeting of the securities issuance committee of the Board of Directors of the Company is scheduled for September 21, 2021, to review and approve, among other things, the issue price and other terms of the FCCBs,” said the company. said Thursday in a separate exchange document.

Indiabulls Housing Finance has set itself the target of disbursing Rs 2,000 crore in home loans each month by the end of this fiscal year. He currently pays around Rs 800 crore each month.

The company has also focused on co-loan partnerships. A few days ago, Punjab & Sind Bank (PSB), a public bank, entered into a strategic co-lending alliance with Indiabulls Commercial Credit and Indiabulls Housing Finance (IHFL) for home loans to MSMEs and priority sectors.

At the start of the year, the Housing Development Corporation of India (HDFC Ltd) entered into a similar partnership with Indiabulls Housing.

Earlier this month, the housing finance company launched its sale of local bonds through a public offering. It remains open for subscription, with the borrower collecting around Rs 591 crore at the moment.

“We can see the demand for credit increase with an increasing vaccination campaign,” Gagan Banga, managing director of Indiabulls Housing Finance, told ET on September 1.

Indiabulls Housing Finance reported a 3.2% increase in its consolidated net profit to Rs 282 crore in the April-June quarter.

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