Indiabulls Housing mulls raising Rs 7,700 crore via NCDs

New Delhi: Indiabulls Housing Finance Friday said it plans to raise a total Rs 7,700 crore by issuing non-convertible debentures (NCDs) on a private placement basis. Earlier in the day, the company informed about raising Rs 700 crore by issuing NCDs, with a green shoe option, also on a private placement basis.  Meanwhile, additional Rs 7,000-crore money raise plan was approved by the Board of Directors at a meeting held today. The Board has granted permission for public issue of “secured redeemable non-convertible debentures and unsecured redeemable non-convertible debentures having face value of Rs 1,000 each for an amount of Rs 35,000 million with an option to retain over-subscription up to Rs 35,000 million for issuance of additional NCDs aggregating up to Rs 70,000 million”, the company said in a BSE filing. The company said it can raise the fund by way of public issue of secured and unsecured non-convertible debentures as well as issue of rupee denominated bonds overseas. The Bond Issue Committee has also approved the draft prospectus for the issue. Last week, Indiabulls said it will raise borrowing limit to Rs 1.25 lakh crore from the existing Rs 1 lakh crore to carry forward the growth momentum. In order to sustain growth, substantial funds are required to be raised by it from various banks, institutions, corporates, entities which may exceed the limit earlier approved by the shareholders, it had said. Indiabulls Housing Finance scrip closed 0.43 percent lower at Rs 800.25 on BSE.