Indiabulls Housing Finance Ltd Share Price – NSE  /  BSE

Finance, Small Cap

Indiabulls Housing Finance announced the transfer of the second tranche of the reserve amount [Rs 291.49 crore] to the lender repayment trust for purpose of foreign currency convertible bonds (FCCBs) redemption on optional put date (29 September 2024).

The Trustee in turn has created a fixed deposit [FD] using the reserve amount with a Scheduled Commercial Bank, and such reserve amounts shall be utilized for redemption of the FCCBs in compliance with applicable laws if the put option is exercised by the FCCBs holders.

Fixed deposits aggregating to Rs 583 crore, now covers 50% FCCBs amount of March 2024 put option [total outstanding issue of USD 135 million].

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Indiabulls Housing Finance has allotted 2,500 Secured, Redeemable, Non-Convertible Debentures of face value Rs. 1 lakh each aggregating to Rs. 25 crore, on a private placement basis.

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The committee has also finalized the pricing, tenure, and other terms of the offering.

The company intends to use the proceeds from this offering for such activities like onward lending as may be permitted under the ECB guidelines and in accordance with the company’s sustainable financing framework.

The firm said that the bonds are expected to be listed on the Global Securities Market (GSM) of the India International Exchange (IFSC). The bonds will mature on 3 July 2027, providing investors with a fixed income stream for over 3 years. The settlement date for the bonds is set for 3 April 2024, indicating a tenor of approximately 3 years and 3 months.

The non- banking finance company will pay an interest rate of 9.70% per annum. Interest will be distributed twice a year, on 3 January and 3 July, until the security matures. The first interest payment will be made on 3 January 2025, and will cover the period from 3 April 2024 to 3 January 2025. These payments are made in arrears, meaning the interest accrues over the period and is paid at the end.

Additionally, the firm inform that the company in relation to the issuance of the bonds has executed the subscription agreement with Barclays Bank PLC, CLSA , Deutsche Bank AG, Singapore Branch, Elara Capital PLC, Emirates NBD Bank PJSC and Nuvama Financial Services (UK) and UBS AG Singapore Branch, as managers.

The said agreement paves the way for the company to issue bonds, while the managers commit to either subscribing and purchasing the bonds themselves or finding investors to do so. This deal signifies a significant step for the company's bond offering.

The company has provided certain representations, warranties and indemnity to the managers and agreed to certain undertakings under the agreement.

Indiabulls Housing Finance is a housing finance company, regulated by the National Housing Bank (NHB). The company offers competitively priced home loans in the affordable housing segment.

The company's consolidated net profit rose 4% to Rs 302.61 crore on 5.46% decline in total income to Rs 2,211.72 crore in Q3 FY24 over Q3 FY23.

The scrip rose 0.86% to Rs 164.80 on the BSE.

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Indiabulls Housing Finance has allotted 12,95,934 non convertible debentures of face value of Rs 1000 each aggregating to Rs 129.59 crore on public issue basis on 26 March 2024.

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