Indiabulls Housing Finance stock rises 3% on nod to raise Rs 50K crore via bonds

Shares of Indiabulls Housing Finance rose 3 per cent in early trade today after the board on March 22 cleared 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.

Indiabulls Housing Finance stock touched an intraday high of Rs 159.20, rising 3.07 per cent against the previous close of Rs 154.45 on BSE. The stock has gained after 2 days of consecutive fall.

Indiabulls Housing Finance shares trade higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages. The midcap stock has lost 26 per cent in one year and fallen 27.8 per cent since the beginning of this year.

A total of 1.59 lakh shares of the firm changed hands, amounting to a turnover of Rs 2.50 crore. Market cap of the firm rose to Rs 7,337 crore on the BSE.

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The stock hit a 52-week low of Rs 130.20 on March 8, 2021 and a 52-week high of Rs 313.50 on June 16, 2021.

"The company is authorised to raise funds up to Rs 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.

The board has also permitted 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.

The firm reported an 8 per cent fall in consolidated net profit at Rs 302.97 crore in Q3 against a net profit of Rs 329.32 crore in the year-ago period.

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However, consolidated net profit climbed 5.94 per cent from Rs 286 crore in the second quarter ended September 2021 (Q2FY22). Capital adequacy ratio (CAR) stood at 31.2 per cent with tier I of 25.7 per cent at the end of December 2021.

Sales fell 9.51 per cent to Rs 2274 crore in December quarter as compared to Rs 2513.25 crore in the corresponding quarter last fiscal.

In Q3 FY22, the company disbursed retail loans of around Rs 2,800 crore. It disbursed Rs 1,573 crore through co-lending tie-ups with seven institutions and plans to disburse Rs 18,000 crore in FY23 and Rs 24,000 crore in FY24 through co-lending.