Indiabulls Housing Finance raises Rs 315 crore to fund low-cost housing projects

NEW DELHI: Indiabulls Housing Finance Limited (IBHFL) on Wednesday said it has raised USD 50 million (about Rs 315 crore) through masala bond.

The rupee denominated bond proceeds will be used towards financing the affordable housing sector, the company said in a statement.

This issuance is under the approval received by the company from the Reserve Bank of India to issue up to USD 750 million of masala bonds, it said.

This is the country’s first issuance of INR denominated offshore social bonds, it claimed.

The bond issue is for a tenor of 3 years, and has an annual coupon payment of 7.80 per cent and will be listed on the Singapore Stock Exchange (SGX), it said.

The social bond will conform to the social bond principles 2017 issued by the International Capital Market Association (ICMA).