Indiabulls Housing surges ~8% as board approves raising Rs 35,000 crore

28 Jul 2023 , 03:53 PM

Indiabulls Housing Finance’s stock jumped more than 8% in today’s trade after its board accorded approval for a fund raise of up to Rs 35,000 crore.

The company stated that it will seek approval of shareholders before raising funds through the issuance of NCDs (Non-convertible debentures) and/or bonds. 

In addition to the fund-raising plan, the board recommended a final dividend of Rs 1.25 per share for FY23. 

The news comes a day after Societe Generale, a major FPI (foreign portfolio investor), announced a 0.59 percent interest in the housing finance company.

Indiabulls Housing Finance’s consolidated net profit fell 14% to Rs 263 crore in Q4FY23. Its operating revenue declined to Rs 2,077 crore in the March quarter, compared to Rs 2,191 crore in the previous corresponding period.

Indiabulls Housing stock settled 6.58% higher at Rs 136, against the previous close of Rs 127.60 on NSE.

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