Housing finance lender Indiabulls Housing Finance is planning to raise up to $600 million in a share offering, tapping equity markets after investors sent its stock price up by over half since the beginning of the year.
Indiabulls set an indicative price of Rs 702 per share for the deal, equivalent to a discount of 2.7 per cent to the closing price on Tuesday, according to a term sheet of the deal seen by Reuters on Wednesday.
The deal has a base size of $500 million, with an option to grow by $100 million to meet additional investors' demand.
Bank of America Merrill Lynch, CLSA and SBI Caps were hired as joint global coordinators for the offering.
Shares of Indiabulls have soared nearly 57 per cent since the beginning of the year, compared with a 7.8 per cent decline in the benchmark S&P Bombay Stock Exchange (BSE) Sensex Index.