Stocks surge over 7 per cent
The second largest pure play mortgage lender Indiabulls Housing Finance on Wednesday said it will buyback debt worth ₹2,705 crore from the investors before their maturity. The company will buy back non-convertible debentures (NCDs) and masala bonds maturing this September aggregating to ₹1,375 crore which includes ₹660 crore issued by way of a public issue.
Besides, the company is also giving early redemption option to investors to buy back ₹1,330 crore of Masala bonds maturing in October. “On the back of strong cash position, we will now offer investors to buyback (early redemption) of NCDs and masala bonds, subject to applicable laws and debenture/bond holders consent,” the statement said.
The company has already initiated the approval process with Reserve Bank for the early redemption of the masala bonds, it added. It had already bought back ₹2,173 crore of NCDs maturing in July and August from investors.
The stocks of Indiabulls Housing Finance were trading 7.53 per cent higher at ₹690.