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The Tranche IV NCDs issue opened on 7 December 2023 and it will close on 20 December 2023. The housing financier will issue secured redeemable non-convertible debentures (NCDs), aggregating to Rs 100 crore, with a green-shoe option to retain oversubscription up to Rs 100 crore, thus aggregating to a total of Rs 200 crore.
An investor will have to subscribe to a minimum of 10 NCDs (aggregating Rs 10,000), and in multiples of 1 NCD (Rs 1,000) thereafter. The NCDs are proposed to be listed on the BSE and the NSE.
The bonds are available in twelve series with tenors ranging from 24 months, 36 months, 60 months, 84 months and 120 months. The frequency of interest payment is monthly, annual and cumulative (at maturity) basis.
Coupon for NCDs ranges from 9.65% to 10.75% per annum while effective yield (% per annum) ranges from 9.64% to 10.74%.
The NCDs proposed to be issued under this issue have been "CRISIL AA/Stable" by CRISIL Ratings and "[ICRA]AA (Stable)" by ICRA.
At least 75% of the funds raised will be used for the purpose of onward lending, financing and for repayment of interest and principal of existing borrowings of the company. The company intends to deploy upto 25% of the amount for general corporate purposes.
Indiabulls Housing Finance is a housing finance company, regulated by the National Housing Bank (NHB). The company primarily offers housing loans and loans against property. It also offers mortgage loans to real estate developers in India in the form of lease rental discounting for commercial premises and construction finance for the construction of residential premises. A majority of its loan book comprise housing loans, including in the affordable housing segment.
As on 30 September 2023, the company's loan book was Rs 45,659.95 crore, on a standalone basis, and it was Rs 54,340.74 crore, on a consolidated basis.
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