Indiabulls Finance raises Rs 315 crore for affordable housing sector

Godrej Properties makes first investment from $275 million fundBy Accommodation Times Bureau


A home-loan provider firm, Indiabulls Housing Finance Limited (IBHFL) has raised about Rs 315 crore via masala bond, IBHFL said in a statement on Wednesday.

The company stated in a statement that, the Indian currency denominated bond proceeds will be used for financing the affordable housing sector.

“This issuance is under the acceptance received by the company from the Reserve Bank of India (RBI) to issue up to USD 750 million of masala bonds,” IBHFL said.

The company claimed that “This is the country’s first issuance of International Normalized Ratio (INR) denominated offshore social bonds.”

The bond will be listed on the Singapore Stock Exchange (SGX), with an annual coupon payment of 7.80 percent for the tenor of 3 years, the company said.

The social bond will comply with the rules or laws of social bond principles 2017 issued by the International Capital Market Association (ICMA).

The Indiabulls Group is one of the country’s leading business houses with interests in housing finance, real estate, securities, and construction equipment leasing and facilities sector. All the group companies are listed on the Bombay Stock Exchange, and the National Stock Exchange. The combined market capitalization of these companies for the financial year 2016-17 was Rs. 48,847.2 Cr.

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