Indiabulls Housing Finance approves issue of equity shares through QIP

Indiabulls Housing Finance Limited announced on Wednesday that the board has approved the issue of equity shares of face value Rs. 2 each through Qualified institutions placement (QIP).

Indiabulls Housing Finance Limited announced on Wednesday that the board has approved the issue of equity shares of face value Rs. 2 each through Qualified institutions placement (QIP). The Securities Issuance Committee held its meeting today which commenced at 2:30 P.M. and concluded at 3:15 P.M.

Indiabulls Housing Finance Limited is a mortgage lender headquartered in Gurugram, Haryana, India. It is India’s second largest housing finance company with an asset value of more than $11 billion.

The finance company in its BSE regulatory filing informed the shareholders. “The board of directors at its meeting held on July 3, 2020 and the special resolution passed by the shareholders of the Company on July 29, 2020, the Securities Issuance Committee has, at its meeting held today i.e. on September 9, 2020, inter alia, passed resolutions for the following:
a. Approved and adopted the preliminary placement document dated September 9, 2020 and the application form dated September 9, 2020 in connection with the Issue;
b. Authorised the opening of the Issue today i.e. on September 9, 2020; and
c. Approved the floor price for the Issue.”

We further wish to inform you that the ‘Relevant Date’ for the purpose of the Issue, in terms of the SEBI ICDR Regulations, is September 9, 2020 and accordingly the floor price in respect of the aforesaid Issue, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is Rs. 206.70 per Equity Share. Pursuant to the SEBI ICDR Regulations, the Company may offer a discount of not more than 5% on the floor price so calculated for the Issue.

On September 9th, the stock closed at Rs 199.45 on the NSE.

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