Indiabulls Housing Finance Ltd (IHFL) on May 11 informed the stock exchanges about its offer to buyback all non-convertible debentures (NCDs) worth Rs 800 crore, which will be maturing by June 30, 2022.
"The Asset Liability Management Committee (ALCO) has decided to make an offer to the NCD holders to acquire these NCDs on the exchange at par under a negotiated trade with each individual NCD holder and hold them as treasury stock until maturity," the regulatory filing noted.
By par, the company referred to the coupon rate or the value at which it was given.
If any NCD holder decides to sell their holdings on the exchange to the company under a negotiated trade, then they are required to "get in touch with company personnel" prior to June 28, 2022 to effect the trade, IHFL added.
In a separate exchange filing, the company said that the "fixed deposits proceeds from the lender repayment trust" is being used to discharge the company’s liabilities to the State Bank of India (SBI) and Barclays Bank PLC against existing forward contracts on May 27, 2022.
"These banks will in turn transfer the corresponding dollar amount to the dollar bonds trustee (Citicorp International Limited) on the May 27, 2022. The trustee will pay the bond holders on maturity date as per the holiday convention," it added.
IHFL had, notably, informed on March 31 that had created FDs in favour of the lender repayment trust covering 100 percent of the dues towards the $350 million dollar bonds maturing on May 28, 2022.
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