Indiabulls Housing Finance on Tuesday said a board-appointed committee has approved a proposal to raise capital up to Rs 50,000 crore through bonds.

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As per the existing shareholders' enabling authorisation, valid up to July 28, 2022, the company can raise funds up to Rs 50,000 crore through issuance of secured or unsecured non-convertible debentures (NCDs or bonds) in one or more tranches on a private placement basis.

"To enable the company to raise funds through issue of NCDs on or after July 28, 2022, the board constituted a committee at its meeting held on March 22, 2022, has authorised the company to raise funds through issue of NCD and/or bonds, in one or more tranches, on private placement basis up to the shareholders existing authorisation of Rs 50,000 crore," Indiabulls Housing Finance said in a regulatory filing.

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The company said it will seek shareholders' approval for the fundraise plan in its ensuing Extraordinary General Meeting (EGM) scheduled to be held on April 18, 2022.

Stock of the company closed at Rs 154.45 apiece on BSE, down by 1.72 percent over the previous close.

First Published:Mar 22, 2022 8:45 PM IST