Tag: indiabulls housing finance

Indiabulls Housing Finance to raise up to ₹1,000 crore via NCD

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Indiabulls Housing Finance Ltd (IBHFL) has decided to raise up to ₹1,000 crore via public issue of secured, redeemable, non-convertible debentures of face value of ₹1,000 each.

The base size of the public issue is for an amount up to ₹200 crore with an option to retain over-subscription up to ₹800 crore. The issue is within the shelf limit of ₹2,000 crore.

The minimum subscription amount is ₹10,000 (10 NCDs) across all 10 series of NCDs. Investment thereafter will be in multiples of ₹1,000 (one NCD). The NCDs will be issued for three tenors — 24 months, 36 months and 60 months.

Depending on the tenor and series of NCD, the effective yield per annum ranges from 8.35 per cent to 9.26 per cent, as per IBHFL’s exchange filing.

The NCD issue opens on December 9 and closes on December 20, 2021. The NCDs are proposed to be listed on BSE and NSE.

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Indiabulls Housing jumps 4% after Societe Generale, BNP Paribas pare stake, BFSI News, ET BFSI

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NEW DELHI: Shares of Indiabulls Housing climbed 4 per cent in Friday’s session after Societe Generale and BNP Paribas Arbitrage sold 51 lakh shares of the housing finance company for around Rs 113 crore through open market transactions on Thursday.

The scrip touched a high of Rs 236.50 as against the previous close of Rs 226.55 on the BSE.

According to data on bulk deals available from the National Stock Exchange, Societe Generale offloaded 27.40 lakh shares of Indiabulls Housing Finance while BNP Paribas Arbitrage sold 23.59 lakh shares of the domestic housing finance company.

The stocks were sold in the range of Rs 221.34-221.75 piece per share, the data showed. As of September 2021, Societe Generale held 58.77 lakh shares amounting to a 1.27 per cent stake in Indiabulls Housing, while BNP Paribas Arbitrage shareholding was 71.82 lakh shares or 1.56 per cent.

Reports said on Wednesday that the company was committed to de-promoterising, with the promoter –led by Sameer Gehlaut—likely to pare stake below 10 per cent from the present quantum of 21.69 per cent.

Indiabulls Housing may be considering secondary market transactions such as through qualified institutional placement or an offer-for-sale in its efforts to reduce promoter stake, reports said.

The National Stock Exchange had on Thursday barred Indiabulls from trading in the futures and options segment as the derivative contract of its securities had breached 95 per cent of the market-wide position limit.



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BNP Paribas, Societe Generale trim stake in Indiabulls Housing, BFSI News, ET BFSI

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NEW DELHI: Societe Generale and BNP Paribas Arbitrage on Thursday offloaded 51 lakh shares of Indiabulls Housing Finance for about Rs 113 crore through open market transactions.

According to bulk deal data available with the NSE, Societe Generale sold 27.40 lakh shares of Indiabulls Housing Finance while BNP Paribas Arbitrage divested 23.59 lakh shares of the company.

The shares were offloaded in the range of Rs 221.34-221.75 apiece, valuing the transaction size to Rs 113 crore.

As of September 2021, Societe Generale held 58.77 lakh shares, amounting to 1.27 per cent stake in the company, and BNP Paribas Arbitrage owned 71.82 lakh shares or 1.56 per cent stake in the firm.

On Thursday, Indiabulls Housing Finance shares ended 6.82 per cent higher at Rs 229.45 apiece on the NSE.

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Indiabulls Housing Finance Q2 net profit down 11% to Rs 286 cr, BFSI News, ET BFSI

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Mumbai, Mortgage financier Indiabulls Housing Finance on Thursday reported an 11 per cent dip in its net profit at Rs 286 crore in the quarter ended September due to a decline in its loan book. The lender’s profit after tax stood at Rs 323 crore in the same quarter of the previous fiscal.

Its deputy managing director Ashwini Kumar Hooda attributed the fall in profit to a 12 per cent decrease in the loan book in the second quarter of the financial year 2021-22 compared to the year-ago period.

It disbursed retail loans of Rs 325 crore in the month of September 2021 through its co-lending tie-ups, the lender said in a release.

This will scale up to Rs 500 crore of monthly disbursals by December 2021 and Rs 800 crore of monthly disbursals by March 2022, it said.

The company is on track to disburse Rs 1,000 crore of retail loans through co-lending in the third quarter of the financial year 2021-22. It has a total of seven co-lending partners- HDFC Ltd., Central Bank of India, Yes Bank, RBL Bank, Canara Bank, Punjab &Sind Bank, and Indian Bank.

Total loans disbursed as of September 30, 2021, under the Emergency Credit Line Guarantee Scheme (ECLGS) stood at Rs 176 crore, amounting to only 0.27 per cent of the loan book.

Gross NPAs have stood to 2.69 per cent in the second quarter of the financial year 2021-22 from 2.21 per cent in the previous quarter of the year-ago period.

“Balance sheet has been strengthened by shoring up provisions on the balance sheet to Rs 3,153 crore, which is 4x times of the regulatory requirement and equivalent to a healthy 4.9 per cent of our loan book and 152 per cent of Gross NPAs,” the release said.

Stage 3 provision coverage ratio stood at 43 per cent of gross NPAs (Non-performing assets).

The lender restructured loans of Rs 96.7 core, equivalent to 0.15 per cent of its loan book, under the Reserve Bank of India’s Restructuring Frameworks 1.0 and 2.0 combined.

In H1 of the financial year 2021-22, it has raised monies of Rs 12,186 crore across instruments and tenors. The company also raised Rs 792 crore through NCDs (non convertible debentures) in September 2021.

Hooda said the lender is looking to raise around Rs 10,000 crore through bank borrowings and NCDs during the second half of the current financial year.

The company’s scrip closed at Rs 237 apiece, down 3.42 per cent on BSE. PTI HV SHW SHW



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Indiabulls Housing Finance sells stake worth Rs 251 cr in OakNorth, BFSI News, ET BFSI

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Indiabulls Housing Finance has sold stake worth Rs 251 crore in OakNorth Holdings, and the proceeds from the sale will be added to its equity capital, according to a regulatory filing. “Indiabulls Housing Finance Ltd has sold a portion of its stake in OakNorth Holdings Ltd (the wholly owning parent company of OakNorth Bank plc) for approximately Rs 251 crore.

“The sale proceeds will be accretive to the regulatory net worth and the CRAR (capital-to-risk weighted asset ratio) of the company and will be added to the regulatory equity capital of the company,” Indiabulls Housing Finance said in a regulatory filing on Friday.

During the same month last year, the company had sold stakes in the UK-based OakNorth in two portions, and raised Rs 1,070 crore.

OakNorth Bank was launched in September 2015, in which Indiabulls Housing Finance had invested Rs 663 crore in November 2015 for a 40 per cent stake in the bank.

Shares of Indiabulls Housing Finance Ltd on Friday closed at Rs 225.70 apiece on BSE, down 1.76 per cent from the previous close. PTI KPM HRS hrs



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Indiabulls Housing Finance repaid ₹7,075.84 crore of NCDs to investors in September

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Indiabulls Housing Finance (IBH) has repaid ₹7,075.84 crore of Non-Convertible Debentures (NCDs) to its investors in September this year.

“The repayments comprised of ₹6,575.84 crore of public issue of NCDs done by IBH and ICCL in September 2016 and September 2018 respectively and ₹500 crore of NCDs issued by IBH in September 2011,” it said in a statement on Friday.

The public NCDs were repaid ahead of their scheduled repayment dates, it further said.

“IBH has a fully matched ALM with significant positive cash at the end of each period,” it said, adding that from time to time, it utilises its liquidity buffers to repay its liabilities ahead of schedule to give comfort to its stakeholders, especially lenders and rating agencies.

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Indiabulls Housing Finance raises $165 million via offshore papers, BFSI News, ET BFSI

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Indiabulls Housing Finance raised about $165 million selling five-year convertible bonds to overseas investors, two people familiar with the matter told ET.

Back home, the home financier will likely utilise the proceeds for onward lending. The debt papers likely offered 4.5 percent. They will have a ‘put’ option at the end of three years giving investors an opportunity to exit before the scheduled maturity, sources said.

Deutsche Bank, CLSA, Edelweiss UK and Elara Capital helped the company raise the funds. Individual bankers could not be contacted immediately for comments. Indiabulls Housing did not immediately respond to ET’s query.

The bonds are supposed to be listed on the Singapore Stock Exchange and marked as high-yield securities, below the investment grade.

“A meeting of the Securities Issuance Committee of the board of the directors of the Company is scheduled to be held on September 21, 2021, to consider and approve, amongst other things, the issue price and other terms of the FCCBs,” the company said in a separate exchange filing on Thursday.

Indiabulls Housing Finance has set a target to disburse Rs 2,000 crore worth of home loans every month by end of this fiscal year. It is currently disbursing about Rs 800 crore every month.

The company has also been focussing on co-lending partnerships. A few days ago, Punjab & Sind Bank (PSB), a state-owned bank, entered into a strategic co-lending alliance with Indiabulls Commercial Credit and Indiabulls Housing Finance (IHFL) for MSME and priority sector home loans.

At the beginning of the fiscal year, Housing Development Corporation of India (HDFC Ltd), had entered into a similar partnership with Indiabulls Housing.

Earlier in the month, the housing finance company launched its sale of local bonds through a public issue. It remains open for subscription with the borrower garnering about Rs 591 crore for now.

“We can see credit demand coming up with increasing vaccination drive,” Gagan Banga, managing director at Indiabulls Housing Finance had told ET on September 1.

Indiabulls Housing Finance reported a 3.2 percent rise in its consolidated net profit to Rs 282 crore during the April-June quarter.



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Indiabulls Housing Finance to raise up to ₹1,000 cr via NCDs

Banking & Finance

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Indiabulls Housing Finance (IBHFL) is planning to raise up to ₹1,000 crore via secured and/or unsecured, redeemable, non-convertible debentures (NCDs).

The coupon rate for high net-worth individuals (HNIs/category III investors) and retail (category IV) investors investing in the NCDs ranges from 8.42 per cent to 9.75 per cent, depending on tenor, frequency of interest payment and whether the NCD is secured or unsecured.

In the case of institutional (category I) investors and non-institutional (category II) investors (companies, statutory bodies/corporations/co-operative banks and regional rural banks), the coupon rate ranges from 8.05 per cent to 9.25 per cent.

Base size and minimum application

The base issue size of IBHFL’s NCD issue is ₹200 crore, with an option to retain over-subscription upto ₹800 crore. The issue opens on September 6, 2021 and closes on September 20, 2021.

The minimum application amount is ₹10,000 (10 NCDs). This investment can be made across all 10 series. Investments beyond the minimum application amount can be made in multiples of ₹1,000 (one NCD). The NCDs are proposed to be listed on the NSE and the BSE.

IBHFL said at least 75 per cent of the funds raised through the tranche I issue will be used for the purpose of onward lending, financing, and for repayment of interest and principal of existing borrowings of the company.

The balance is proposed to be utilised for general corporate purposes, subject to such utilisation not exceeding 25 per cent of the amount raised in the tranche I issue, it added.

The unsecured NCDs are in the nature of subordinated debt and will be eligible for tier II capital.

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Indiabulls Housing Finance Q1 net up marginally

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Indiabulls Housing Finance registered a 3.2 per cent increase in its consolidated net profit at ₹281.69 crore for the quarter ended June 30, 2021. Its net profit was ₹272.84crore in the same period last fiscal.

Its net interest income was up 4.65 per cent to ₹765 crore in the first quarter of the fiscal from ₹731 crore a year ago.

Total revenue from operations, however, fell 9.9 per cent on a year on year basis to Rs ₹ 2,320.69 crore as on June 30, 2021.

Loan book degrew by 10.5 per cent to ₹65,438 crore in the first quarter of the fiscal as against ₹73,129 crore a year ago.

It shored up provisions on the balancesheet to ₹3,600 crore or 5.5 per cent of the loan book.

“The high provision cushion places the company’s portfolio in a strong position to negotiate any macroeconomic uncertainties stemming from second wave and expected third wave of the Covid-19 pandemic,” Indiabulls Housing Finance said in a statement on Thursday.

Net non performing assets declined to ₹1,227 crore in the first quarter of the fiscal as against ₹1,517 crore in the corresponding quarter in the previous fiscal.

“Real estate sector is in strong upward trajectory thereby providing high impetus to company’s borrowers in their business. Had the company not chosen to de-grow its book in the past one year, the above gross NPAs of 2.86 per cent would have been at 2.45 per cent,” it further said.

Subsequent to the second wave of Covid-19, collection efficiency has normalised in June and July and is now at about 98 per cent.

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Yes Bank and Indiabulls Housing Finance enter into a co-lending partnership, BFSI News, ET BFSI

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YES BANK and Indiabulls Housing Finance Limited have entered into a strategic co-lending agreement to offer home loans to homebuyers at competitive interest rates.

The co-lending framework laid down by Reserve Bank of India provides a collaboration tool to benefit from the low-cost funding model of a bank and the cost-efficient sourcing and servicing capabilities of a non-bank.

Rajan Pental, Global Head – Retail Banking, YES BANK said, “We are pleased to partner with Indiabulls Housing Finance Limited. This is in line with YES BANK’s strategy of expanding its retail franchise through a mix of organic and partnership-led origination model. The Bank is looking forward to further build a profitable and quality home loan portfolio through this partnership.”

The partnership aims at synergizing capabilities to provide an efficient and seamless experience to retail home loan customers.

Gagan Banga, Vice Chairman & CEO, Indiabulls Housing Finance Limited said “We can now leverage YES BANK’s deposit-led franchise and complement that with our technology-led distribution to provide efficient solutions around home Loans to a wide gamut of customers across geographies, ticket-size and yield spectrum, to give us balance-sheet light growth and profitability.”



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