Indiabulls Housing Finance To Buy Back Bonds Worth Upto $50 Million
Indiabulls Housing Finance Ltd. on Friday said it will buy back bonds worth up to $50 million, part of its $1.5 billion bond programme.
"The company will be doing a buyback of up to $50 million of the $350 million 6.375 percent notes issued by the company," the company said in a regulatory filing. The Indiabulls Housing bond buyback is part of the company's $1.5 billion secured euro medium-term note programme, it said.
The buyback will be done upon receipt of necessary regulatory approval, it added.
On July 3, Indiabulls Housing Finance had said it will buyback debt worth Rs 2,705 crore from investors before their maturity. It will buyback non-convertible debentures and masala bonds worth Rs 1,375 crore maturing in September. This includes Rs 660 crore issued via public issue. Indiabulls Housing Finance is also giving early redemption option to investors to buyback Rs 1,330 crore of masala bonds maturing in October.
Indiabulls Group promoters will further cut stake in its real estate arm in the next 30-45 days to pave the way for Indiabulls Housing Finance's merger with Lakshmi Vilas Bank, BloombergQuint reported on June 24.
“Another 15 percent would be sold (in Indiabulls Real Estate Ltd.) and Embassy Group which comes in would become its new promoter,” Gagan Banga, vice chairman and managing director at the non-bank lender, told BloombergQuint in an interview. The Sameer Gehlaut-led promoters sold 12.8 percent in the realty unit to the Embassy Group in June.