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The Tranche I NCDs issue opened on 10 July 2023 and it will close on 21 July 2023. 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 eight series with tenors ranging from 24 months, 36 months and 60 months. The frequency of interest payment is monthly, annual and cumulative (at maturity) basis.
Coupon for NCDs ranges from 9.25% to 10.15% per annum while effective yield (% per annum) ranges from 9.64% to 10.15%.
The NCDs proposed to be issued under this issue have been "CRISIL AA/Stable" by CRISIL 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 31 March 2023, the company's loan book was Rs 48,702.73 crore, on a standalone basis and Rs 57,011.22 crore on a consolidated basis.
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