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Indiabulls Housing Finance (IHFL) on Monday announced a public issue of non-convertible debentures (NCDs) with base issue size of ₹3,500 crore.
The housing finance company also has the option of retaining over-subscription of up to ₹3,500 crore, Sachin Choudhary, Business Head — Mortgage, IHFL, said.
On an overall basis, the company could mop up as much as ₹7,000 crore from this issue. The NCD issue opens on September 15 and closes on September 23.
The NCDs — which have been rated “CARE AAA” by CARE and “BWR AAA” by Brickwork — carry coupons in the range of 8.55–9.15 per cent a year. Options have been provided for three, five and 10 years for secured NCDs and 10 years for unsecured NCDs.
As on date, NCDs account for 40 per cent of the total liabilities of IHFL. Over the next two-three years, the company plans to increase the share of NCDs to 60 per cent, Chaudhary added.
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