Indiabulls Housing Finance Limited (IBH) has repaid Rs 7,075.84 crore of non-convertible debentures (NCDs) to its investors this month so far.
The repayments comprised Rs 6,575.84 crore of public issue of NCDs done by IBH and Indiabulls Commercial Credit (ICCL), a 100 per cent subsidiary of IBH, in September 2016 and September 2018, and Rs 500 crore NCDs issued by IBH in September 2011. The public NCDs were repaid ahead of their scheduled repayment dates.
IBH has a fully matched ALM (asset liability management) with significant positive cash at the end of each period. The company, from time to time, utilises its liquidity buffers to repay its liabilities ahead of schedule to give comfort to its stakeholders, especially lenders and rating agencies.
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For its May 2022 maturity $350 million dollar bonds, the Company has created a reserve fund, wherein the company will periodically transfer a sum totalling to 75 per cent of the total maturity proceeds of these bonds, in three tranches of 25 per cent each, to a debt repayment trust, managed by IDBI Trustee. It will be utilised towards scheduled redemption of these bonds.
IBH has already transferred the first tranche in August 2021, and the next two tranches will be transferred in November 2021 and February 2022.
Indiabulls Housing Finance's consolidated net profit rose 3.2 per cent to Rs 281.69 crore on a 9.4 per cent decline in net sales to Rs 2,325.75 crore in Q1 FY22 over Q1 FY21.
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