Indiabulls Housing Fin. Tranche III NCD Oct 2023 Details & Guidance

    NCD Issue Opens on 20 October 2023Indiabulls housing finance NCD details
    NCD Issue Closes on 3 November 2023 

    # NCD Guidance is given at the bottom of the post

    About the Company:

    Indiabulls Housing Finance is a non-deposit taking housing finance company (“HFC”) registered with the NHB. It is also a notified financial institution under the SARFAESI Act. It pre-dominantly offers housing loans and loans against property to its varied client base which comprises (i) salaried and employees; (ii) self-employed individuals; (iii) micro, small and medium-sized enterprises; and (iv) corporates. It focuses primarily on long-term secured mortgage-backed loans. It also offers mortgage loans to real estate developers in India in the form of lease rental discounting for commercial premises and construction finance for the construction of residential premises. A majority of its Loan Book comprises housing loans, including in the affordable housing segment. As of March 31, 2023, housing loans and non-housing loans, on standalone basis, constituted 57% and 43%, respectively, of its Loan Book. As on June 30, 2023, its Loan Book was Rs 47,483.47 crores, on a standalone basis, and as on June 30, 2023, its Loan Book was Rs 56,276.03 crores, on a consolidated basis.

    It has now shifted to an asset light business model, focusing on co-lending of loans along with banks, other financial institutions and credit funds and an increased sell down of its loan portfolio.
    As of June 30, 2023, it has a network of 217 branches spread across India which gives it a pan-India presence.Its presence across India allows it to undertake loan processing, appraisal, and management of customer relationships in an efficient and cost-effective manner. As of June 30, 2023, it has a direct sales team of 8,726 employees, on a consolidated basis, who are located across its network. This sales team is instrumental in sourcing the majority of its customers.
    As at June 30, 2023, its consolidated borrowings (other than debt securities) were Rs 29,095.07 crores, consolidated debt securities were Rs 17,564.04 crores and consolidated subordinated liabilities were Rs 4,254.79 crores. It relies on long-term and medium-term borrowings from banks and other financial institutions, including external commercial borrowings and issuances of non-convertible debentures.

    Get more details about the company @

     NCD Promoter:
    The Company has no identifiable promoters and is a professionally managed company.

    NCD Rating
    The NCDs proposed to be issued under this Issue have been rated CRISIL AA/Stable by CRISIL Ratings Limited and ICRA AA (Stable) by ICRA Limited with such ratings considered to have a stable outlook.

    Indiabulls Housing Fin. Tranche III NCD Oct 2023 Detail
    Issue Open October 20, 2023 – November 3, 2023
    Security Name Indiabulls Housing Finance Limited
    Security Type Secured, Redeemable, Non-Convertible Debentures (Secured NCDs)
    Issue Size (Base) Rs 200.00 Crores
    Issue Size (Shelf) Rs 2,000.00 Crores
    Issue Price Rs 1000 per NCD
    Face Value Rs 1000 each NCD
    Minimum Lot size 10 NCD
    Market Lot 1 NCD
    Listing At BSE, NSE
    Credit Rating “CRISIL AA/Stable” by CRISIL Ratings Limited and “[ICRA]AA (Stable)” by ICRA Limited
    Tenor 24, 36, 60, 84 and 120 Months
    Series Series I to XII
    Payment Frequency Monthly, Annual and Cumulative
    Basis of Allotment First Come First Serve Basis
    Debenture Trustee/s Idbi Trusteeship Services Ltd.
    NCD Allocation Ratio  
    Category  NCD’s Allocated
    Institutional 30%
    Non-Institutional 10%
    HNI 30%
    Retail 30%
    Total 100%
    NCD’s Offered by Category
    Category  NCD’s Reserved
    Institutional 3,00,000
    Non-Institutional 1,00,000
    Retail 3,00,000
    Category 4 3,00,000
    Total NCD’s 10,00,000
    Indiabulls Housing Finance Limited NCD Coupon Rates                  
      Series 1 Series 2 Series 3 Series 4 Series 5 Series 6 Series 7 Series 8 Series 9 Series 10 Series 11 Series 12
    Frequency of Interest Payment Annual Monthly Cumulative Annual Monthly Cumulative Annual Monthly Annual Monthly Annual Monthly
    Nature Secured Secured Secured Secured Secured Secured Secured Secured Secured Secured Secured Secured
    Tenor 24 Months 24 Months 24 Months 36 Months 36 Months 36 Months 60 Months 60 Months 84 Months 84 Months 120 Months 120 Months
    Coupon (% per Annum) 9.65% 9.25% 9.65% 9.90% 9.48% NA 10.15% 9.71% 10.50% 10.03% 10.75% 10.25%
    Effective Yield (% per Annum) 9.64% 9.64% 9.65% 9.88% 9.89% 9.90% 10.14% 10.14% 10.49% 10.49% 10.74% 10.74%
    Amount on Maturity (In Rs.) Rs 1,000 Rs 1,000 Rs 1,203 Rs 1,328 Rs 1,000 Rs 1,000 Rs 1,000 Rs 1,000 Rs 1,000 Rs 1,000 Rs 1,000 Rs 1,000

    Indiabulls Housing Fin. Tranche III NCD Oct 2023 Details & Guidance

    Objects of the Issue
    The company intends to utilize the net proceeds from the issue towards the funding of the following objects:

    Onward lending, financing, and repayment of interest and principal of existing borrowings of the company.
    General corporate purposes.



    Company Financials      
    Indiabulls Housing Finance Limited Financial Information (Restated)
    Period Ended 31-Mar-23 31-Mar-22 31-Mar-21
    Assets 74,945.24 81,973.32 93,239.03
    Revenue 8,725.79 8,993.90 10,030.12
    Profit After Tax 1,127.68 1,177.74 1,201.59
    Net Worth 17,303.42 16,616.23 16,076.03
    Reserves and Surplus      
    Total Borrowing      
    Amount in Rs Crore

    Address of the Company
    Indiabulls Housing Finance Limited
    5th Floor, Building No. 27,
    KG Marg Connaught Place,
    New Delhi – 110 001

    NCD Lead Managers
    Nuvama Wealth Management Ltd
    Elara Capital (India) Pvt ltd
    Trust Investment Advisors Pvt ltd
    NCD Registrar
    Kfin Technologies Limited

    Indiabulls Housing Fin. Tranche III NCD Oct 2023
    Red Herring Prospectus

    Analysis & Guidance:
    1. Frequent visitor to the NCD market.
    2. In spite of high profits, its shares are quoted at low PE multiple and suggest low fancy.
    3. NCD ratings considered to have a stable outlook.
    4. Higher coupon rates.
    Not so large/Small investment in relation to your NCD portfolio is recommended.

    Indiabulls Housing Fin. Tranche III NCD Oct 2023
    Subscription Status 
    On 20.10.2023 @ 5.00 pm
    Category Subscription 
    Institutional 0.00 T
    Non-Institutional 0.01 T
    HNI 0.04 T
    Retail 0.13 T
    Total 0.05 T

    Indiabulls Housing Fin. NCD Oct 2023

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