Indiabulls Housing Finance gets board approval to raise Rs 7,000 cr

Indiabulls Housing Finance has announced that its board approved an offer to raise over Rs 7,000 cr through different means. It includes Rs 2,043.43 cr by issuing equity shares or other instruments. The fund mop-up plan of the company is subject to shareholders permission in the coming annual general meeting (AGM) in late July. The board has allowed the issuance of redeemable non-convertible debentures, unsecured, with or without warrants in Indian rupees in one or more tranches for a total amount up to Rs 5,000 cr based on the private placement or otherwise. Around Rs 2,043.43 cr has to be raised by private/public offerings of equity shares, compulsorily foreign currency convertible bonds (FCCBs), convertible debentures, with other means in foreign currency, in one or more tranches. FCCBs are debt instruments issued in a foreign currency, including an option to the shareholders to turn the bond into stock. The stock of Indiabulls Housing Finance ended 1.55% up at Rs 264 each on BSE. Image Source Also read: Indiabulls, HDFC join hands to offer home loans at competitive rates Also read: Promoters sell stake in Indiabulls ahead of merger