I
The issue opened to an overwhelming response
with a base issue of Rs. 3500 crore, and the option to retain an equal
amount from oversubscription. The issue had been oversubscribed by over 138%
within minutes. Offering secured and unsecured bonds with interest rates
ranging from 8.55%-9.15% for 3-year, 5-year and 10-year tenures, Indiabulls
Housing Finance has leveraged its strong credit position to attract investors
to buy into stable and appreciating investments.
Extremely encouraged by the response on the first day, Gagan
Banga, Vice Chairman and Managing Director, Indiabulls Housing Finance Limited said,
“We thank our investors for placing their trust on us. We uphold the value
of our stakeholders above all else and will ensure greater value for them. This
issue will not only diversify our borrowing portfolio, but it places us
perfectly to launch forward and capitalize on a period of immense potential
ahead.”
The company has since
1st July 2016 privately placed Rs. 7,180 crores of NCDs. Indiabulls Housing
Finance is also only the second housing finance company to have raised masala
bonds of 1,330 cr at 8.567%, recently. The NCDs have been rated as “CARE AAA”
by CARE and “BWR AAA” by Brickwork.
The proceeds raised through this issue will be
used for onward lending, financing, and for repayment of interest and principal
of existing borrowings of the Company and for general corporate purposes.
IDBI Trusteeship Services Limited is the Debenture Trustee, while Karvy
Computershare Private Limited is the Registrar to the Issue.
No comments:
Post a Comment