Indiabulls Housing Finance rights issue has been oversubscribed on February 13, which is also the day when issue closes for public bidding.
As of 2 pm, the rights issue for 24,62,26,515 shares generated bids for 39,45,05,105 shares on NSE and BSE. This amounts to a subscription of 1.6 times.
The issue opened for subscription on February 7. On the first day it was subscribed 5 percent, followed by 22 percent on February 8, 38 percent on February 9, and 77 percent on February 12.
Indiabulls Housing Finance is issuing these shares to existing shareholders at Rs 150 per equity share. The company plans to raise Rs 3,693 crore from the investors.
An investor holding two shares of the company can bid for one share during the rights issue.
On application, investors will have to pay Rs 50 per rights equity share which constitutes 33.3 percent of the issue price and the balance Rs 100 per rights equity share which constitutes 66.7 percent of the issue price, will have to be paid at a later date determined by the board of the company.
These partly paid up shares (i.e. the rights issue shares which will be allotted to successful bidders) will also be listed on exchanges and will be available for trading.
Shares of Indiabulls Housing Finance traded at Rs 178, up about 2.5 percent as of 2:30 pm on BSE.
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