Indiabulls Housing Finance Ltd. shares surged more than 8 percent in intraday trade on Friday after the company said that it would issue non-convertible debentures (NCDs) on a private placement basis.
The company announced on Friday that it will raise funds worth not more than Rs 35,000 crore by issuing either NCDs or bonds or both in one or multiple tranches, not in the nature of equity shares.
The proposal will be subject to the approval of Indiabulls Housing Finance’s shareholders and the fund will be raised within one year after the authorisation.
Indiabulls Housing Finance has also recommended a final dividend of Rs 1.25 per share at the meeting of its Board of Directors held on July 28, 2023. The total aggregates to 62.5 percent on the face value of Rs 2 per piece for financial year 2023.
This final dividend will also be subject to the approval of Indiabulls Housing Finance’s members at the company’s upcoming AGM.
“The Company is emerging from a phase of consolidation over the last few years. As the Company gets back on the path of growth, the Board has resumed payment of dividends to shareholders,” Indiabulls Housing Finance said.
Further, Indiabulls Housing Finance has appointed Rajiv Gupta, the Director and Chief Executive Officer (CEO) of LICHFL Asset Management Company Ltd. as the Nominee Director of Life Insurance Corporation of India (LIC), on its Board.
