Shares of Indiabulls Housing Finance shares rallied 8 per cent after its managing director and CEO Gagan Banga said the company would do a buyback of all its non-convertible debentures or NCDs worth Rs 2,285 crore which are maturing in July and August.
Shares of Indiabulls Housing Finance shares rallied 8 per cent after its managing director and CEO Gagan Banga said the company would do a buyback of all its non-convertible debentures or NCDs worth Rs 2,285 crore which are maturing in July and August. Today, the Indiabulls Housing Finance’s shares opened at Rs 559 per share and surged to Rs 599 a share on BSE. Currently, the company’s shares are trading at Rs 592.65 per share, up 37.25 points from the previous close.
The liquidity situation of Indiabulls Housing Finance is robust as the housing finance company has garnered Rs 58,000 crore since September 2018 through bank term loans, securitization and through bonds. The company also has a cash buffer of Rs 28,000 crore, Banga said in a TV interaction with CNBC TV18 in view of liquidity crisis in the NBFC sector. The company has invested Rs 11,000 in mutual funds.The company has zero exposure to Dewan Housing Finance and Anil Dhirubhai Ambani group, said Banga. “In the current quarter the company also achieved its first international rating which is BB+ which is one notch below the sovereign and launched its first international dollar bond and raised USD 350 million,” he further added.
Recently, Indiabulls Housing Finance was in the news over misappropriation of public funds worth Rs 98,000 crore. The petition in the Supreme Court had alleged that Sameer Gehlaut, the chairman of the firm, and the directors of the company had siphoned off money for their personal use. However, later the petitioner Abhay Yadav withdrew the case saying he was not aware of the filing and his signature was misused.
“I now realise that such papers, affidavits, applications signed by me have been misused to file false complaints and petitions against Indiabulls with malafide intentions,” Yadav had said in an affidavit.