Indiabulls' bond sale will test investor confidence in shadow banks

Indiabulls Housing is seeking to raise as much as 10 billion rupees through the sale of notes that open for subscription on Monday

Indiabulls Housing Finance Ltd., one of India’s largest mortgage lenders, is seeking to raise funds in the local public bond market after an absence of three years by the group, in a deal that will test investor confidence in the nation’s non-bank financiers.

  

Indiabulls Housing is seeking to raise as much as 10 billion rupees ($137 million) through the sale of notes that open for subscription on Monday. Yields on the company’s local-currency bonds surged to more than 40% in 2019, stock exchange data show, as investors soured on debt of the company and other Indian shadow lenders following the surprise