By Ankur Mishra
Mortgage lender Indiabulls Housing Finance (IBH) is looking to raise close to Rs 7,500 crore over the next two months, deputy managing director (DMD) Ashwini Kumar Hooda told FE. The fundraising will be done through overseas bonds, bank loans and securitisation, among others. The lender has already raised Rs 28,119 crore till December 2020 in the current financial year (FY21).
IBH plans to raise Rs 3,000 crore through securitisation. “There are a lot of bank sanctions which are in process, we can see around Rs 3,000- crore securitisation taking place in the balance two months,” Hooda said. Securitisation is a common method used by non-bank lenders to free up capital and generate immediate liquidity, by selling loan portfolios to those looking to build their loan books.
“We are in market for international bonds, that should give us Rs 1,500 crore, bank lines should give us Rs 2,000-3,000 crore more,” he added. Overall, in the next two months, we expect around Rs 7,500 crore coming to the company,” the DMD added.
Hooda said the stake sale in OakNorth Bank was largely completed, adding that Rs 2,671 crore of regulatory equity capital raised from qualified institutional placement (QIP) and partial stake-sale in OakNorth Bank. Indiabulls Housing Finance had earlier maintained that divestments in OakNorth Bank would result in boosting capital adequacy ratio and free up capital to grow the loan book of the company. The lender’s capital adequacy ratio remained at 30.5% at the end of the December quarter (Q3FY21). The company also said it was fully matched for all granular buckets for 10 years and beyond.
Indiabulls Housing Finance had earlier reported a sequential increase of 2% in its net profit to Rs 329 crore. However, the bottom-line fell 40% on a year-on-year (y-o-y) basis.