Indiabulls Housing Finance to raise over Rs 7,000 crore

Mumbai (Maharashtra) [India], June 30 : Indiabulls Housing Finance said its board of directors has approved a proposal to raise over Rs 7,000 crore through various financial instruments.
This includes 275 million dollars (about Rs 2,043 crore) by issuing equity shares or other instruments, the company said in a statement.
The company's fund mop-up plan is subject to shareholders' approval in the upcoming annual general meeting to be held in late July.
The plan will also include issuance of unsecured or secured, listed or unlisted, redeemable non-convertible debentures with or without warrants or any other similar security denominated in Indian rupees in one or more tranches for Rs 5,000 crore (equivalent currency) on private placement basis or otherwise.
Indiabulls Housing Finance plans to focus management bandwidth and consolidate capital towards real estate asset management business in line with its asset-light strategy.
At 11:15 am, its stock was quoting 0.6 per cent higher at Rs 265.50 per unit on the BSE.