Indiabulls Housing Finance, which recently generated over Rs 800 cr from retail investors by the way of non-convertible debentures (a kind of corporate fixed deposit), said it paid back NCDs worth Rs 7,075.84 cr in September. It also said it was on track to pay back dollar bond holders by May.
It said the NCDs were repaid ahead of their scheduled repayment dates, though it did not clarify when these were due for repayment.
“The Company, from time to time, utilizes its liquidity buffers to repay its liabilities ahead of schedule to give comfort to its stakeholders, especially lenders and rating agencies,” the housing finance company said, adding that its assets and liabilities are fully matched and it had significant positive cash flow at the end of the corresponding periods.
The NCDs that were repaid this month included around Rs 6,576 cr worth of paper issued in 2016 and 2018, and Rs 500 cr worth of NCDs issued ten years ago.
The company also said that around $350 million (Rs 2,600 cr) worth of dollar-denominated bonds are also up for redemption soon and it is taking steps to pay this back.
“For its May 2022 maturity USD 350 Million dollar bonds, the Company has voluntarily created a reserve fund, wherein, the Company will periodically transfer a sum totalling to 75% of the total maturity proceeds of these bonds, in three tranches of 25% each, to a debt repayment trust, managed by IDBI Trustee, and which will be utilized 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,” it added.
Earlier this month, the company offered NCDs with monthly, annual and end-of-term interest payments at the rate of 8.05% to 9.75% per year, depending on the tenure.