Indiabulls Housing will open eight series for public sale on Dec. 9

Chicago, Dec. 6 – Indiabulls Housing Finance Ltd. announced that it will open for sale a public issue of eight series of two-year, three-year and five-year secured redeemable non-convertible bonds (Crisil: AA/Brickwork: AA+) on Dec. 9, according to an announcement.

The closing date for the sale is Dec. 20.

The size of the issue is Rs. 2 billion. There is an oversubscription option for up to Rs. 8 billion, for a total of Rs. 10 billion across all series.

There are three series with 24-month tenors. The coupon varies whether it is annual, cumulative or monthly. It ranges from 8.05% to 8.75%.

The next three notes have three-year tenors and the coupon is also based on whether it is annual, cumulative or monthly. The coupon or yield ranges from 8.2% to 9%.

The last two series are five-year bonds, and payment of the coupon is either annual or monthly. The coupon or yield is between 8.43% and 9.26%.

Additionally, the coupon rate steps up 25 basis points for investors of existing bonds and shareholders in certain cases.

The redemption amount will also be above par for certain of the notes for investors of existing bonds and shareholders.

The incentives will only be paid in allotment and the incentive cannot be transferred to another holder except for in cases of death of the primary holder.

Indiabulls is a Gurugram, India-based real estate company.

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