Indiabulls Housing’s NCD Tranche III issue opens today, coupon rate up to 9.55%

The base issue size of Trench III issue is 100 crore with the option to maintain oversubscription up to Rs. 700 crores, taking the total to Rs. 800 crores. Installment III Issue. Offers various ranges of NCD For subscription with coupon rates from 8.33% to 9.55% p.a. as applicable as per respective series for selected category of NCD holders.

The tenure of NCDs under Tranche III issue is 24 months (Series I, II, III), 36 months (Series IV, V, VI) and 60 months (Series VII, VIII). NCDs cannot be converted into shares or equities and the interest rates are decided by the NCD issuing company.

The Company is also offering an additional incentive of 0.25% to Category III (High Net Worth Individual Investors) and Category IV (Retail Individual Investors) investors in the proposed Trench III issue.

The NCDs are proposed to be listed on BSE Limited and National Stock Exchange of India Limited (NSE) as the designated stock exchanges for Tranche III issue with BSE. The NCDs have been rated ‘CRISIL AA/Stable’ by CRISIL Ratings Ltd.[ICRA]AA (Stable) by ICRA Ltd.

Indiabulls Housing Finance The said tranche III issue net proceeds, after meeting tranche III issue expenses, at least 75% will be used for further borrowing, financing, and repayment of interest and principal of existing borrowings. Up to 25% for company and general corporate purposes.

The lead managers to the Tranche III issue are Edelweiss Financial Services Ltd., AK Capital Services Ltd., IIFL Securities Ltd. and Trust Investment Advisors Pvt. IDBI Trusteeship Services Limited is the Debenture Trustee of the Trench III Issue and Keffin Technologies Limited is the Registrar of the Trench III Issue.