Indiabulls Housing Finance Jumps 12% On Fundraising Plan

Shares of Indiabulls Housing Finance Ltd rose as much as 12 percent to an intraday high of Rs 232.40 on Wednesday. The stock was among the top gainers in the BSE's 'A' group for the day.

The company released multiple stock exchange filings on Tuesday. In one of the statements, it said that the company's board is scheduled to meet on 3 July to consider the plan to raise funds through issue of secured and/or unsecured debt and/or equity securities and/or any other convertible or exchangeable securities. Its financial results for the quarter and the financial year ended 31 March 2020 will also be released on the same day.

Indiabulls Housing Finance also said that it has allotted 2,500 Secured, Redeemable, Non-Convertible Debentures of face value Rs 10 lakh each ("NCDs") aggregating to Rs. 250 Crores, on a private placement basis, which have been "subscribed by a large Indian public sector bank."

These are 548 day-tenure and will mature on 30 December 2020, holding a coupon rate of 9 percent.