Indiabulls Housing Finance's committee nods Rs50,000 crore fund raise; stock zooms ~2%

23 Mar 2022 , 10:37 AM

Indiabulls Housing Finance’s counter jumped nearly 2% in today’s trade as the company informed that the board-appointed committee has approved a proposal to raise capital to Rs50,000 crore through bonds.

As per standing authorization valid up to July 28, 2022, the company can raise funds up to Rs50,000 crore by issuing secured or unsecured non-convertible debentures in one or more tranches on a private placement basis.

The board constituted a committee to authorize the fundraise on or after July 28, 2022, through issue of NCDs or bonds, in one or more tranches, on a private placement basis up to the shareholders existing authorization of Rs50,000 crore.

The company will seek shareholders’ approval for the fundraising plan in its upcoming EGM to be held on April 18, 2022.

Indiabulls Housing’s stock was trading at Rs156.60, up by 1.39% against its previous closing price of Rs154.45. It opened at Rs157 and touched an intraday high and low of Rs159.20 and Rs155.65 respectively.