Shares of Indiabulls Housing Finance rallied nearly 6 per cent on Thursday after rating agency Crisil said the company has aggregate liquidity to cover its debt repayment obligations till September 2020.
Indiabulls Housing Finance (IBHFL) stock gained 5.44 per cent to trade at ₹182.30 on the BSE. On similar lines, the scrip was trading up 5.95 per cent at ₹183.35 on the NSE.
Crisil noted that IBHFL continues to maintain strong liquidity with cash and cash equivalents at around 20 per cent of total assets as on October 10, 2019. It has aggregate liquidity of more than ₹18,500 crore as on October 10, 2019, which provides around 100 per cent cover over the company’s debt repayments till September 2020, Indiabulls Housing Finance said in a late evening BSE filing on Wednesday.
“The rating committee of CRISIL has reaffirmed the long-term rating of Indiabulls Housing Finance Limited at CRISIL AA+. Short-term rating has been reaffirmed at CRISIL A1+,” IBHFL said in the filing. There seems to be signs of improvement in the first fortnight of October 2019 with IBHFL having received sanctions to raise ₹5,200 crore via term loans, working capital lines, commercial papers and securitisation lines, it added.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.