Indiabulls Housing Finance places Indias first Offshore Social Bond of Rs. 315 Cr

Indiabulls Housing Finance on Wednesday announced placing a Social Bond of US $50 Mn (Rs.315 crores). 

The Bond issue is for a tenor of 3 years and has an annual coupon payment of 7.80 per cent. The bond will be listed on the Singapore Stock Exchange. This is also India’s first issuance of INR denominated offshore Social Bonds.

The company plans to use the proceeds from the issue towards financing and refinancing requirements in the ‘Affordable Housing’ sector in line with applicable laws including lending to individuals and developers under the Pradhan Mantri Awas Yojana.

Indiabulls Housing Finance is India’s second largest private housing finance company and has a pan-India presence through branches in over 260 locations.
  
On Wednesday, Indiabulls Housing Finance closed at Rs.1390.95 per share, down Rs. 24.05 or 1.70 per cent on NSE. The scrip opened at Rs. 1391 and touched a high and Low of Rs. 1415 and Rs. 1372 per share, respectively, on NSE. The stock attracted a traded volume of 13,37,755 shares on NSE.