Indiabulls Housing Finance to raise Rs 1,000 crore for funding needs

Indiabulls Housing Finance will raise Rs 1,000 crore by issuing non-convertible redeemable bonds on a private placement basis.

"The company proposes to issue 10,000 secured non-convertible redeemable debentures with a face value of Rs 10 lakh each aggregating Rs 1,000 crore (plus greenshoe option) on a private placement basis," the company said in a regulatory filing.

The decision came in the wake of a resolution that was passed by the shareholders at an AGM held in September last year, it said further.

The issue will be open for subscription on Monday (August 8) and close the next day.

It will carry coupon rates of 8.65-8.80% and the tenure of maturity is of 19 months/2 years/3 years.

The proceeds will be used for meeting capital adequacy requirements, securing long-term resources for meeting funding needs, general corporate purposes and investment in funds.

The stock closed 1.67% higher at Rs 801.35 on BSE.