Indiabulls Housing Finance shares plunge over 13%; company says had exposure of Rs 662 cr in Yes Bank bonds

Shares of Indiabulls Housing Finance on Monday tripped over 13 percent after the company said it had an exposure of Rs 662 crore in the form of bonds to Yes Bank and it has no term loans outstanding from the lender

Press Trust of India March 09, 2020 12:49:49 IST
Indiabulls Housing Finance shares plunge over 13%; company says had exposure of Rs 662 cr in Yes Bank bonds
  • Yes Bank owes to Indiabulls Housing Finance Rs 662 crore via additional tier 1 (AT-1) bonds, according to a regulatory filing

  • Sameer Gehlaut, promoter of Indiabulls Housing Finance, or any of his companies or any of his family member companies have no loans outstanding from Yes Bank, the non-banking finance company said further

  • The statement from Indiabulls Housing comes amid arrest of Yes Bank co-founder and former CEO Rana Kapoor, on alleged money laundering charges and that the loans by the lender to DHFL turned sour

New Delhi: Shares of Indiabulls Housing Finance on Monday tripped over 13 percent after the company said it had an exposure of Rs 662 crore in the form of bonds to Yes Bank and it has no term loans outstanding from the lender.

On the BSE, the stock plunged 12.85 percent to Rs 221.70.

It fell 13.18 percent to Rs 220.95 on the NSE.

Indiabulls Housing Finance shares plunge over 13 company says had exposure of Rs 662 cr in Yes Bank bonds

Representational image. Reuters.

"Yes Bank owes to Indiabulls Housing Finance Rs 662 crore via additional tier 1 (AT-1) bonds," according to a regulatory filing.

The investments in AT-1 bonds of Yes Bank were made in 2017, as part of its treasury management of over Rs 20,000 crore of cash and when the bank was worth over $10 billion in value, the filing said.

Sameer Gehlaut, promoter of Indiabulls Housing Finance, or any of his companies or any of his family member companies have no loans outstanding from Yes Bank, the non-banking finance company said further.

The statement from Indiabulls Housing comes amid arrest of Yes Bank co-founder and former CEO Rana Kapoor, on alleged money laundering charges and that the loans by the lender to DHFL turned sour.

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