Indiabulls Housing Fin raises Rs 1,000 cr via bonds

Indiabulls Housing Finance today said it has raised Rs 1,000 crore by issuing bonds on a private placement basis.
"The company today allotted 100,000 unsecured redeemable non-convertible subordinated debentures of face value of Rs 1 lakh each aggregating to Rs 1,000 crore," Indiabulls Housing Finance said in a regulatory filing.
The housing loan company said the funds raised through this issue will be used to augment its tier II capital which will strengthen the capital adequacy and for enhancing long- term resources of the company.
The bonds were issued in two tranches of Rs 100 crore and Rs 900 crore, in which the former has a tenor of 7 years and the latter 10 years.

The bonds will yield a coupon rate of 8.35 per cent per annum.
Stock of the company closed 0.35 per cent down at Rs 1311.65 on BSE today.