"Our Company intends to use the Net Proceeds to augment its capital adequacy thereby enhancing the long-term resources of our Company and to maintain sufficient liquidity for meeting funding requirements of its business activities. As permissible under applicable laws, our Company will have flexibility in deploying the Net Proceeds in the best interest of our Group," Indiabulls said in its draft placement document filed with the bourses.

On 3 July 2020, while considering the company's March 2020 quarter results, the board of Indiabulls Housing had approved raising rupee equivalent of up to $300 million, through one or more qualified institutions placement (QIPs) of equity shares.

On the same day, the board had also approved issue of non-convertible debentures (NCDs) aggregating to Rs 5,000 crore on private placement basis.

Indiabulls Housing Finance's primary business activities are to carry on business of investing and finance related activities (investing in various subsidiaries, financing of loans and credit activities) and fee income, which mainly consists of financial service related fee income from services, selling of insurance products as a licensed corporate agent, and other related ancillary services.

The housing finance company's consolidated net profit tumbled 65.5% to Rs 272.84 crore on 33.7% drop in total income to Rs 2,578.23 crore in Q1 June 2020 over Q1 June 2019.

The scrip shed 0.17% to Rs 200.80 on the BSE. It traded in the range of 200.20 and 204.95 so far during the day.