Indiabulls Housing Finance will conduct a buyback of all non-convertible debentures maturing in July and August totalling Rs 2,285 crore, said its managing director and CEO Gagan Banga.
Indiabulls Housing Finance’s liquidity situation remained quite robust as the company has raised around Rs 58,000 crore since September 2018 and has a cash buffer of Rs 28,000 crore, said Banga in an interview with CNBC-TV18. Banga added that Rs 11,000 crore has been invested in mutual funds.
Since September last year, the sector has been facing challenges around liquidity, but company has raised closed to Rs 58,000 crore since September 21, 2018 to date. These are fresh money which have come in through bank term-loans, securitization, through bonds, said Banga.
Banga further added the company has zero exposure to Dewan Housing Finance and Anil Dhirubhai Ambani group.
In the current quarter the company also achieved its first international rating which is BB+ which is one notch below the sovereign and launched its first international dollar bond and raised USD 350 million, he added.
Indiabulls Housing Finance has a term loan borrowing programme of close to about Rs 50,000 crore. Yes Bank’s total contribution in that programme rounds up to Rs 350 crore, he said.
At 09:47AM, Indiabulls Housing Finance shares were up 3.4 percent at Rs 574.35 after gaining as much as 4 percent earlier in the session.
The stock has dropped 15 percent in last one week over allegations of financial fraud made against the firm in a petition filed in the Supreme Court. However, the petitioner later withdrew the writ petition saying his signature was misused and he was not aware of the filing.
