Indiabulls Housing will open eight series for public sale on Sept. 5

By Mary-Katherine Stinson

Lexington, Ky., Aug. 30 – 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/ICRA: AA) on Sept. 5, according to an announcement.

The closing date for the sale is Sept. 22.

The size of the issue is Rs. 1 billion. There is an oversubscription option for up to Rs. 9 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 8.33% to 9.05%.

The next three series have three-year tenors and the coupon is also based on whether it is annual, cumulative or monthly. The coupon ranges from 8.47% to 9.3%.

The last two series are five-year bonds, and payment of the coupon is either annual or monthly. The coupon is between 8.7% to 9.55%.

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

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

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