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 Indiabulls Housing Finance Limited NCD

Indiabulls Housing Finance Limited NCD

Company Overview: Indiabulls Housing Finance Limited NCD

  • Incorporation: Founded in 2005, Indiabulls Housing Finance Limited is a leading mortgage lending service provider in India.
  • Registration: Registered with the National Housing Bank (NHB) as a non-deposit-taking housing finance company.
  • Size: One of India’s largest housing finance companies and a flagship entity of the Indiabulls Group.
  • Loan Services: Provides housing loans, loans against property, mortgage loans for real estate developers, including lease rental discounting for commercial premises and construction finance.
  • Clientele: Offers services to salaried employees, self-employed individuals, MSMEs, and corporates.

Indiabulls Housing Fin. Tranche III NCD Oct 2023 Detail:

Issue Open October 20, 2023 – November 3, 2023
Security Name Indiabulls Housing Finance Limited
Security Type Secured, Redeemable, Non-Convertible Debentures (Secured NCDs)
Issue Size (Base) Rs 200.00 Crores
Issue Size (Shelf) Rs 2,000.00 Crores
Issue Price Rs 1000 per NCD
Face Value Rs 1000 each NCD
Minimum Lot size 10 NCD
Market Lot 1 NCD
Listing At BSE, NSE
Credit Rating “CRISIL AA/Stable” by CRISIL Ratings Limited and “[ICRA]AA (Stable)” by ICRA Limited
Tenor 24, 36, 60, 84 and 120 Months
Series Series I to XII
Payment Frequency Monthly, Annual and Cumulative
Basis of Allotment First Come First Serve Basis
Debenture Trustee/s Idbi Trusteeship Services Ltd.

Network and Team:

  • Branches: As of September 30, 2023, the company operates through a network of 218 branches across India.
  • Sales Team: Employs 1,745 individuals in its direct sales team, as of September 30, 2023.

Loan Composition:

  • Loan Breakdown: As of March 31, 2023, housing loans constituted 57% of the company’s loan portfolio, while non-housing loans made up the remaining 43%.

Credit Ratings:

  • Long-Term Ratings: Holds a “AA; Outlook Stable” rating from CRISIL and ICRA, a “AA; Outlook Negative” rating from CARE Ratings, and a “AA+; Outlook Stable” rating from Brickwork Ratings for non-convertible debentures and subordinated debt programs.
  • NCD Rating: The proposed NCDs for this issue have received CRISIL AA/Stable and ICRA AA (Stable) ratings, both with a stable outlook.

NCD Allocation Ratio:

Category ? NCD’s Allocated
Institutional 30%
Non-Institutional 10%
HNI 30%
Retail 30%

Promoter Structure:

  • No Identifiable Promoters: The company is professionally managed and does not have identifiable promoters.

Financial Performance:

  • Revenue Decline: The company’s revenue decreased by -2.98% between the financial years ending on March 31, 2023, and March 31, 2022.
  • Profit After Tax: PAT dropped by -4.25% during the same period.

Indiabulls Housing Finance Limited NCD Coupon Rates:

# Series 1 Series 2 Series 3 Series 4 Series 5 Series 6 Series 7 Series 8 Series 9 Series 10 Series 11 Series 12
Frequency of Interest Payment Annual Monthly Cumulative Annual Monthly Cumulative Annual Monthly Annual Monthly Annual Monthly
Nature Secured Secured Secured Secured Secured Secured Secured Secured Secured Secured Secured Secured
Tenor 24 Months 24 Months 24 Months 36 Months 36 Months 36 Months 60 Months 60 Months 84 Months 84 Months 120 Months 120 Months
Coupon (% per Annum) 9.65% 9.25% 9.65% 9.90% 9.48% NA 10.15% 9.71% 10.50% 10.03% 10.75% 10.25%
Effective Yield (% per Annum) 9.64% 9.64% 9.65% 9.88% 9.89% 9.90% 10.14% 10.14% 10.49% 10.49% 10.74% 10.74%
Amount on Maturity (In Rs.) Rs 1,000.00 Rs 1,000.00 Rs 1,202.60 Rs 1,327.75 Rs 1,000.00 Rs 1,000.00 Rs 1,000.00 Rs 1,000.00 Rs 1,000.00 Rs 1,000.00 Rs 1,000.00 Rs 1,000.00

Objectives of the Issue:

  • Fund Utilization: The net proceeds from the issue will be allocated for:
    1. Onward lending and financing.
    2. Repayment of interest and principal on existing borrowings.
    3. General corporate purposes.

Conclusion: Indiabulls Housing Finance Limited, a prominent player in the Indian mortgage lending sector, is seeking funding through NCDs with favorable credit ratings. The company, devoid of identifiable promoters, is a professionally managed entity. It operates with a substantial network of branches and a dedicated sales team, offering diverse loan products. Despite a recent decline in revenue and PAT, it is looking to raise funds for lending activities and general corporate purposes.

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