Indiabulls Housing Finance plans to raise company’s borrowing limit to ₹ 1.25 lakh crore, from the existing₹1 lakh crore to carry on the growth momentum.
The shareholders of the company at their Annual General Meeting held in September last year had approved a borrowing limit up to ₹ 1 lakh crore.
However, in order to sustain growth of company’s business, substantial funds are required to be raised by it from various banks, institutions, corporates and entities which may exceed the limit earlier approved by the shareholders, the company said in a regulatory filing today.
“It is therefore proposed to increase the borrowing limit of the company from ₹ 1,00,000 crore to ₹1,25,000 crore,” it said.
The company will seek approval from its shareholders at the 11th AGM scheduled for September 8, 2016.
Among other businesses enlisted for shareholders’ approval include passage of a special resolution for issuance of non—convertible debentures or other hybrid instruments on a private placement basis to raise capital.