Mortgage lender Indiabulls Housing Finance Limited said on Friday that it has repaid Rs 7,075.84 crore of Non-Convertible Debentures (NCDs) to investors in the month of September 2021.
“The repayments comprised Rs 6,575.84 crore of public issue of NCDs done by Indiabulls Housing Finance and Indiabulls Commercial Credit Limited, a 100 per cent subsidiary of IBH in September 2016 and September 2018 respectively and Rs 500 crore of NCDs issued by IBH in September 2011,” the company said in a regulatory filing. The country's second-largest housing finance company also said that the repayment of the public NCDs was done ahead of the scheduled repayment dates.
Indiabulls Housing Finance also said that it has created a reserve fund that will be utilised to repay the bonds worth $350 million dollars which are set to mature in May 2022. The company said that it “will periodically transfer a sum totalling to 75 per cent of the total maturity proceeds of these bonds, in three tranches of 25 per cent each, to a debt repayment trust, managed by IDBI Trustee, and which will be utilized towards scheduled redemption of these bonds.” The first tranche was transferred last month and the following two are scheduled for November and February next year, the company added.
Earlier this week, Indiabulls Housing Finance had announced that it had raised Rs 807.83 crore by issuing NCDs. The tranche-1 NCD issue had a base issue size of Rs 200 crore and a greenshoe option of up to Rs 800 crore, with coupon rates ranging from 8.05 per cent to 9.75 per cent per annum.
Shares of Indiabulls Housing Finance Limited opened 0.78 per cent higher at Rs 231.50 against the previous close of Rs 229.75 on BSE. The stock rose 3.68 per cent to hit an intraday high of Rs 238.20. With a market capitalisation of Rs 10,455 crore, the shares stand higher than 5 day, 20 day and 200 day moving averages but lower than 50 day and 100 day moving averages.
Edited by Akashdeep Baruah
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