Indiabulls Housing Finance Ltd on Saturday said it is planning to raise Rs 300 crore by issuing Unsecured Non-Convertible Redeemable Debentures (Tier II) in the nature of subordinated debt on private placement basis.
The housing finance company informed the BSE that it will be issuing 30,000 debentures (of 10 years maturity) in the nature of subordinated debt with a face value of Rs. 1 lakh each aggregating Rs 300 crores (plus greenshoe option).
As per the terms of the issue, the debentures will carry a coupon rate of 9.30 per cent per annum. The issue will open and close on June 29.
The company said this fund raising is pursuant to the special resolution passed by it shareholders at the 10th Annual General Meeting held on September 7, 2015.