Indiabulls Housing to raise up to Rs 35,000 crore, stock zooms 8%

The company recently raised Rs 101 crore by issue of non-convertible debentures. It is yet to announce its results for the quarter ended June 2023.

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Indiabulls Housing Finance shares surged over 8 percent on July 28 after its board approved raising of funds up to Rs 35,000 crore.

The company said that it will seek shareholders approval for the fundraise, which will happen through issue of NCDs and/or bonds. NCDs are non-convertible debentures.

Along with the fundraise plan, the board also approved final dividend of Rs 1.25 per share for FY23.

At 1 pm, the stock was quoting at Rs 137.85 on the National Stock Exchange, up over 8 percent from previous close. The stock is about 15 percent away from its 52-week high level of Rs 158.65.

At the time, trading volumes at 31 million shares were about 3x the 20-day average volumes.

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The announcement comes a day after marquee FPI (foreign portfolio investor) Societe Generale picked a 0.59-percent stake in the housing finance company.

The Europe-based financial services group bought 27.84 lakh equity shares at an average price of Rs 127.96 per share.

Recently, the National Company Law Appellate Tribunal (NCLAT) closed the appeal by media baron Subhash Chandra against Indiabulls Housing Finance Limited.

The appeal was closed as Indiabulls and Vivek Infracon, the company for which Chandra had stood personal guarantee for a loan of Rs 170 crore from Indiabulls, settled their dispute. Furthermore, the court took note of the fact that the apex court is considering the constitutional validity of provisions of Insolvency and Bankruptcy Code, 2016 pertaining to personal guarantee insolvencies.

In Q4 FY23, Indiabulls Housing Finance had posted a 14 percent decline in consolidated net profit to Rs 263 crore. Its revenue from operation fell to Rs 2,077 crore for the March quarter as compared to Rs 2,191 crore in the year-ago period.

With regard to asset quality, the company’s gross non-performing assets (NPAs) came down to 2.85 percent at the end of March 2023 against 3.30 percent a year ago.

The company is yet to announce June quarter results.