The Rights Issue of Indiabulls Housing Finance Limited was oversubscribed over two times on the last day, today

MUMBAI, Feb 13 (The CONNECT) – The Rights Issue of Indiabulls Housing Finance Limited was subscribed twice over  on the last day, today, garnering more than Rs 7,500 crore.

The ₹ 3693.39 crore rights issue received bids of 50,11,41,444 against offered 24,62,26,515 fully paid-up Equity Shares of face value ₹2 each  with a rights issue price at ₹ 150 apiece, including a premium of ₹ 148 per Equity Share.

Investors will have to pay Rs 50 per Rights Equity Share which constitutes 33.3% of the Issue Price and the balance Rs100 per Rights Equity Share which constitutes 66.7% of the Issue Price, will have to be paid, on one or more subsequent Call(s), as determined, from time to time at its sole discretion, by the Board or its Securities Issuance and Investment Committee.

The Rights entitlement ratio was One Equity Shares for every Two fully paid-up Equity Shares held by an Eligible Equity Shareholder of the Company as on the Record Date Thursday, February 1, 2024, for the purpose of determining the equity shareholders entitled to receive the rights entitlement in the Rights Issue.

Out of the net proceeds from the Right issue, an amount of 27,34.11 crore for augmenting the capital base of the Company and amount of 839.89 cr from the net proceeds will be utilised for general corporate purposes.

Indiabulls Housing Finance Limited  is pre-dominantly offer housing loans and loans against property to our varied client base which comprises salaried employees; self-employed individuals;  micro, small and medium-sized enterprises (MSMEs) and corporates.

The NBFC also offers mortgage loans to real estate developers in India in the form of lease rental discounting for commercial premises and construction finance for the construction of residential premises.

As of September 30, 2023, company had a network of 218 branches pan-India and Loan Book was ₹ 5,4340.74 cr.

Nuvama Wealth Management Limited and InCred Capital Wealth Portfolio Managers Private Limited are the book running lead managers to the issue.