India’s Indiabulls Housing board OKs up to Rs. 150 billion of debt

By Tali Rackner

Minneapolis, May 23 – Indiabulls Housing Finance Ltd. informed the Bombay Stock Exchange that its board of directors met on Wednesday and approved the proposal of raising of up to Rs. 150 billion of funds.

The debt may be issued in secured and/or unsecured redeemable nonconvertible debentures in one or more tranches via public issue, according to a notice.

The unsecured redeemable nonconvertible debentures will be in the nature of subordinated debt and will be eligible for Tier II capital.

Indiabulls is a Mumbai-based real estate company.

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