Ind Bank Housing Ltd Company Summary

Ind Bank Housing Limited was incorporated in 1991 for carrying out Housing Finance Business. Due to slackness in real estate sector, Company ran into rough weather from year 2000 with mouting NPAs. The Company had suspended fresh lending business since 2000 and was engaged in recovery of loans outstanding.

The accumulated losses of the Company reached Rs 128.25 Crore as on 31.03.2016 and Net owned Fund became negative in the year. Since then, Company started various initiatives to restart its lending operations. The Companys Board appointed Merchant bankers/Professional Advisors for suggesting various options available to the Company for enhancement of housing finance business through organic/inorganic means and to reach minimum net owned funds to restart operations.

In Oct.91, IBHL came out with a public issue of 24 lac equity shares at par aggregating Rs 2.4 cr. The proceeds of the issue were utilised to part-finance the disbursement of housing loans to the extent of Rs 100 cr. It has established branches in major cities like Madras, Coimbatore, Madurai, Thanjavur, Pondicherry, Hyderabad, Mangalore, Bangalore, Vishakapatnam, etc, and has a total of 14 branches.During the year 2000, company sanctioned Rs.3.57 crores for 350 units of the Golden Jubilee Special Rural Housing Scheme formulated by National Housing Bank in order to ameliorate the living conditions of the rural population.During the financial year ended 31st March 2001, Company sanctioned fresh housing loans to the tune of Rs.0.13 crores for construction/ purchase of housing units.

The cumulative position of loans sanctioned by the Company at the end of 31st March 2001 amounted to Rs.269.08 crores.