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Indiabulls Housing Finance board approves raising up to Rs 50,000 cr via debt

Indiabulls Housing Finance board approves raising up to Rs 50,000 cr via debt

The board has also approved the company to seek nod from shareholders for such a fundraise in their extraordinary general meeting scheduled to be held on April 18, 2022.

Shares of Indiabulls Housing Finance rose over 9 per cent during intra-day on Tuesday. Shares of Indiabulls Housing Finance rose over 9 per cent during intra-day on Tuesday.

Indiabulls Housing Finance on Tuesday said that its board has approved raising of funds up to Rs 50,000 crore, through issue of secured and/or unsecured non-convertible debentures and bonds on private placement basis.

"...The Company is authorised to raise funds upto 50,000 Crore, through issue of secured and/or unsecured non-convertible debentures and/or bonds, not be in the nature of equity shares (NCD and/or Bonds), in one or more tranches, on private placement basis," it said in a regulatory filing.

The board has also approved the company to seek nod from the shareholders for such a fundraise in their extraordinary general meeting scheduled to be held on April 18, 2022.

Shares of Indiabulls Housing Finance rose over 9 per cent today. The mid-cap stock touched an intraday high of Rs 172, rising 9.62 per cent on BSE. However, the scrip closed 1.72 per cent at lower at Rs 154.45 apiece on BSE.

On March 14, the mortgage lender headquartered in Gurugram had informed the stock exchanges that Sameer Gehlaut resigned from the company's Non-Executive Director post with immediate effect.

In his resignation letter submitted to the exchanges, Gehlaut added that he requested his holdings in the company to be classified as public from promoter. He also mentioned that he intends to hold his current stake of 9.71 per cent in company. However, he will have no control over co or its day-to-day activities, the company stated.

Indibulls Housing Finance reported an 8 per cent year-on-year (YoY) fall in its net profit for the October-December quarter at Rs 302.97 crore against Rs 329.32 crore in the corresponding quarter of the previous fiscal.

On a quarter-on-quarter (QoQ) basis, the private sector lender's profit registered a 5.81 per cent growth. Sales fell 9.51 per cent to Rs 2274.36 crore in the December quarter against Rs 2,513.25 crore in Q3 of last fiscal.

Operating profit excluding other income fell 6.89 per cent to Rs 2,017.59 crore in Q3 against Rs 2,166.86 crore in the corresponding quarter of the previous fiscal.