IHFL raises $150 mn through FCCB route

NEW DELHI: Indiabulls Housing Finance has raised USD 150 million (Rs 1,091 crore) by issuing foreign currency convertible bonds, the company said.

The securities issuance committee has approved the allotment of secured Foreign Currency Convertible Bonds (FCCBs) of USD 150 million, convertible into equity share of Rs 2 each, Indiabulls Housing Finance said in a regulatory filing.

The FCCBs, set to mature on March 4, 2026, bear a coupon rate of 4.5 per cent.

The bonds are proposed to be listed on Singapore Exchange Securities Trading Ltd. Indiabulls said as many as 4,49,91,756 equity shares of the company would be in the trade-off with the FCCBs.

The issue is also the first FCCB by a financial institution from India in the last 10 years.