Indiabulls Housing to raise borrowing limit to Rs 1.25 lakh crore

NEW DELHI: Indiabulls Housing Finance plans to raise company’s borrowing limit to Rs 1.25 lakh crore, from the existing Rs 1 lakh crore to carry on the growth momentum.

The shareholders of the company at their Annual General Meeting held in September last year had approved a borrowing limit up to Rs 1 lakh crore.

However, in order to sustain growth of company’s business, substantial funds are required to be raised by it from various banks, institutions, corporates, entities etc which may exceed the limit earlier approved by the shareholders, the company said in a regulatory filing on Saturday.

“It is therefore proposed to increase the borrowing limit of the company from Rs 1,00,000 crore to Rs 1,25,000 crore,” it said.

The company will seek approval from its shareholders at the 11th AGM scheduled for September 8, 2016.

Among other businesses enlisted for shareholders’ approval include passage of a special resolution for issuance of non-convertible debentures or other hybrid instruments on a private placement basis to raise capital.