Indiabulls Housing to seek shareholders' nod for Rs 50,000 crore bonds issue

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Indiabulls Housing Finance has sought to enable approval from its shareholders for raising funds worth Rs 50,000 crore through non-convertible debentures (NCD) and/or bonds, the company said in a regulatory filing.

The company held its Committee Meeting on March 22, where it gave approval for Indiabulls to raise funds through the issue of NCDs and /or bonds, in one or more tranches, on a private placement basis up to the shareholders existing authorization of Rs 50,000 crore.

Now on April 18, when the Extraordinary General Meeting (EGM) will be held, shareholders' approval will be sought for the same.

In December last year, Indiabulls had raised up to Rs 1,000 crore via public issue of NCDs of the face value of Rs 1,000 each.  The base size of the public issue was for an amount up to Rs 200 crore with an option to retain over-subscription up to Rs 800 crore. The issue was within the shelf limit of Rs 2,000 crore.

Recently on March 17, the company said that it had allotted over 30 lakh shares at Rs 234.05 apiece to the holders of foreign currency convertible bonds (FCCBs) worth USD 10 million.

Pursuant to the receipt of notice for conversion of FCCBs, for a principle value of USD 10 million, the company issued and allotted 30,25,126 fully paid-up equity shares at a conversion price of Rs 243.05 per equity share, to the holder of such FCCBs, the company said in a regulatory filing.