Indiabulls Housing Finance (IHFL) abstained from voting at the AGM of Lakshmi Vilas Bank, Gagan Banga, VC and MD at Indiabulls Housing Finance said in an interview with CNBCTV18, adding that Indiabulls has always been a passive investor in the bank.

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Some months back, IHFL and arm Indiabulls Commercial Credit had been planning to merge with LVB, but the proposal was nixed by the Reserve Bank of India.

Banga said IHFL Finance would not intervene in the process of revival of LVB.

He said the focus right now was on creating a capital buffer to strengthen the balance sheet and operationally, have an asset-light model. IHFL is planning to buyback its high cost bonds.

Banga said disbursals have picked up post-lockdown, and that September was particularly good. He said nearly half of quarterly operating profits will be used for making provisions.

Indiabulls intends to buyback all bonds maturing over the next 12 months. Total bonds maturing over the next 12 months stands at Rs 8000 crore.

First Published:Sept 30, 2020 12:10 PM IST