Indiabulls Housing Finance shares surged 5 percent intraday on Wednesday after the company announced early redemption of non-convertible debentures (NCDs) having a face value of Rs 10 lakh each.

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At 1:40 pm, the share was trading up 5.21 percent at Rs 675.85 on the NSE. Intraday, it went up 5.47 percent to its day’s high at Rs 677.85.

The company in a press release stated that it bought back secured, redeemable, non-convertible debentures (NCDs) with face value of Rs 10 lakh each. The buyback did not include 2,500 NCDs having face value of Rs 3.33 lakh each.

On June 20, Indiabull's managing director and CEO Gagan Banga in an exclusive interview with CNBC-TV18 announced the buyback. "Indiabulls Housing Finance will conduct a buyback of all non-convertible debentures maturing in July and August totalling Rs 2,285 crore," he said at the time.

On BSE, 5.80 lakh shares were traded on the counter.

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