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Why Did Indiabulls Housing Finance Shares Jump Nearly 7%?
On Thursday, shares of Indiabulls Housing Finance Ltd gained for the third straight trading day. The stock rose nearly 7 percent to an intraday high of Rs 332.80 after the NBFC offered premature redemption of its non-convertible debentures (NCDs).
"The Company hereby issues an offer to all Debenture holder(s) for pre-mature redemption of its NCDs maturing in January 2020. The Company will also evaluate further pre-mature redemption of its NCDs from time to time," it said in stock exchange filing on Thursday.
Shares of Indiabulls Housing Finance have rallied over 25 percent in one month's time on early redemption and timely payments of interest/principal on debentures/bonds.
On Wednesday, the company bought back Secured, Redeemable, NCDs with of face value of Rs 10 lakh each.
The stock had lost over 50 percent of its valuation last year on concerns about probe on its alleged financial irregularities and merger with Lakshmi Vilas Bank (that was put into prompt corrective action (PCA) plan by RBI).
