Indiabulls Housing Finance to raise Rs 1,600 cr from NCDs

Indiabulls Housing Finance today said it proposes to raise over Rs 1,600 crore from non-convertible debentures (NCDs) to fund business expansion.
The company proposes to issue up to 16,000 secured non-convertible redeemable debentures with a face value of Rs 10 lakh each aggregating to up to Rs 1,600 crores plus greenshoe option on private placement basis, Indiabulls Housing Finance said in a regulatory filing.
The issue is scheduled to open on August 22, it said, adding debentures would be listed on BSE and NSE.
The debentures are expected to carry a coupon rate in the range of 8.65 to 8.78 per cent payable annually and at maturity.