Indiabulls Housing repays five-, 10-year bonds to focus on growth

By William Gullotti

Buffalo, N.Y., Aug. 28 – Indiabulls Housing Finance Ltd. said it repaid Rs. 11,125,000,000 of bonds issued in 2013 as well as a five-year external commercial borrowing to position itself for asset growth, according to a company announcement on Monday.

The company focused on debt servicing during the second quarter of the 2023 fiscal year. At the end of the quarter, the company expects to have approximately Rs. 360 billion of outstanding borrowings and a net debt to equity ratio of 1.8x.

The most recent repayments positioned the company where its positive inflows will exceed debt repayments by Rs. 13 million to Rs. 18 million, all of which will be available for asset growth.

According to the announcement, all excess collections over debt repayments and all incremental borrowings will be available for growth, which will be the company’s focus going forward.

Since September 2018, the company has repaid Rs. 1,629,850,000,000 on a gross basis and Rs. 855.12 billion on a net basis.

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

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