Indiabulls Housing Finance is
aiming to raise up to Rs 1,000 crore through a QIP launched on Wednesday as
well as partial divestment of its stake in UK-based OakNorth Bank in tranches,
sources said.
Indiabulls
Housing Finance is aiming to raise up to Rs 1,000 crore through a qualified
institutional placement (QIP) launched on Wednesday as well as partial
divestment of its stake in UK-based OakNorth Bank in tranches, sources said.
"In this, Rs 500 crore (about USD 68.13 million) each is targeted to be
raised through the QIP and divestment in OakNorth
Bank in next two-three days," a source said.
The non-banking
finance company (NBFC) intends to raise more capital during this month, another
person privy to the fund raise plans said.
The Securities
Issuance Committee of the board at its meeting held on Wednesday approved the
floor price for the QIP at Rs 206.70 per equity share, Indiabulls Housing
Finance said in a regulatory filing.
At its
extraordinary general meeting (EGM) held on July 29, the board had sought
shareholders' approval for raising up to USD 300 million (about Rs 2,200 crore)
by issuing securities through QIP or through foreign currency convertible bonds
(FCCBs) during the course of the next one year.
"The company
may offer a discount of not more than 5 per cent on the floor price so
calculated for the issue (QIP)," Indiabulls Housing Finance said in the
filing on Wednesday.
The committee will
meet next week (September 14) to approve the issue price, including a discount,
if any, for the equity shares to be allotted to the qualified institutional
buyers (QIBs), the company said.
The intent of the
QIP is to augment the long-term resources of the company and maintain sufficient
liquidity for meeting funding requirements for its business activities, the
company had said after the EGM in July.
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