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Indiabulls Housing Finance Limited Tranche VI


Opening Date

May 13, 2024

Closing Date

May 27, 2024

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Allotment

First Come
First Serve

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Credit Rating

CRISIL AA/Stable CRISIL Ratings Limited

ICRA AA/Stable ICRA LIMITED

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Base Issue

₹100 Crores

Greenshoe

₹100 Crores

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Highest Yield

10.75%

Min. Investment

₹10,000

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Issue Details

Essentials

Issue price

₹1,000

Face Value

₹1,000/ NCD

Issue Size

₹200 Crores

Minimum Investment

₹10,000 (10 NCDs)

Rating

CRISIL AA/Stable CRISIL Ratings Limited

Listing on

NSE and BSE

Issue Opening Date

May 13, 2024

Issue Closing Date

May 27, 2024

Mode of Issue

Public Issue

Registrar

K Fintech Technologies Private Limited

Mode of allotment and Trading

Dematerialized

About the Issuer

Indiabulls Housing Finance Limited (“IBHFL”) is a non-deposit taking HFC registered with the National Housing Board (“NHB”). It is also a notified financial institution under the SARFAESI Act. IBHFL focus primarily on long-term secured mortgage-backed loans. IBHFL primarily offer housing loans and loans against property to target client base of salaried and self-employed individuals and micro, small and medium-sized enterprises (“MSMEs”) and corporates. IBHFL also offer mortgage loans to real estate developers in India in the form of lease rental discounting for commercial premises and construction finance for the construction of residential premises. A majority of its assets under management (“AUM”) comprise housing loans, including in the affordable housing segment.

Competitive Strengths

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One of the largest pan-India HFCs with strong financial performance and credit ratings.

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Access to diversified funding sources.

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Prudent credit and collection policies.

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Effective use of technology.

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Expertise in Providing Loans to Self-Employed Individuals and MSMEs.

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Experienced Board of Directors and Senior Management Team.

Source: Tranche VI prospectus dated May 8, 2024/ Tranche VI with the Shelf Prospectus dated June 30, 2023

Disclaimer: Invest only after referring to Shelf Prospectus and Tranche VI Prospectus

Available Bonds Options

Series I II III IV V VI VII VIII IX X XI XII
Frequency of Interest Payment
Annual Monthly Cumulative Annual Monthly Cumulative Annual Monthly Annual Monthly Annual Monthly
Tenor
24 Months 24 Months 24 Months 36 Months 36 Months 36 Months 60 Months 60 Months 84 Months 84 Months 120 Months 120 Months
Coupon (% per annum) for NCD Holders in Category I & II
9.25% 8.88% NA 9.40% 9.02% NA 9.65% 9.25% 10.00% 9.57% 10.25% 9.80%
Coupon (% per annum) for NCD Holders in Category III & IV
9.65% 9.25% NA 9.90% 9.48% NA 10.15% 9.71% 10.50% 10.03% 10.75% 10.25%
Effective Yield (per annum) for NCD Holders in Category I & II
9.25% 9.25% 9.25% 9.40% 9.40% 9.40% 9.65% 9.65% 10.00% 10.00% 10.25% 10.24%
Effective Yield (per annum) for NCD Holders in Category III & IV
9.65% 9.65% 9.65% 9.90% 9.90% 9.90% 10.15% 10.15% 10.50% 10.50% 10.74% 10.75%
Redemption Amount (₹ / NCD) on Maturity for NCD Holders in Category I & II
₹ 1000 ₹ 1000 ₹ 1193.56 ₹ 1000 ₹ 1000 ₹ 1309.34 Staggered Redemption in Three (3) annual payments of ₹ 333.33 each starting from 3rd Anniversary until Maturity Staggered Redemption in Three (3) annual payments of ₹ 333.33 each starting from 3rd Anniversary until Maturity Staggered Redemption in Five (5) annual payments of ₹ 200 each starting from 3rd Anniversary until Maturity Staggered Redemption in Five (5) annual payments of ₹ 200 each starting from 3rd Anniversary until Maturity Staggered Redemption in Eight (8) annual payments of ₹ 125 each starting from 3rd Anniversary until Maturity Staggered Redemption in Eight (8) annual payments of ₹ 125 each starting from 3rd Anniversary until Maturity
Redemption Amount (₹ / NCD) on Maturity for NCD Holders in Category III & IV
₹ 1000 ₹ 1000 ₹ 1202.32 ₹ 1000 ₹ 1000 ₹ 1327.38 Staggered Redemption in Three (3) annual payments of ₹ 333.33 each starting from 3rd Anniversary until Maturity Staggered Redemption in Three (3) annual payments of ₹ 333.33 each starting from 3rd Anniversary until Maturity Staggered Redemption in Five (5) annual payments of ₹ 200 each starting from 3rd Anniversary until Maturity Staggered Redemption in Five (5) annual payments of ₹ 200 each starting from 3rd Anniversary until Maturity Staggered Redemption in Eight (8) annual payments of ₹ 125 each starting from 3rd Anniversary until Maturity Staggered Redemption in Eight (8) annual payments of ₹ 125 each starting from 3rd Anniversary until Maturity
Maturity (from the Deemed Date of Allotment)
24 Months 24 Months 24 Months 36 Months 36 Months 36 Months 60 Months 60 Months 84 Months 84 Months 120 Months 120 Months

Allocation Ratios

Category Category I (Institutional) Category II (Non Instituttional) Category III (HNI) Category IV (Retail)
% Allocation 30% 10% 30% 30%
Allocation Amount in Crores (including greenshoe option) ₹ 60 Crores ₹ 20 Crores ₹ 60 Crores ₹ 60 Crores

Frequently Asked Questions

What is the Issue Size?

  • ₹ 100 Crores (Base Issue) with a green shoe option of Rs. 100 Crores aggregating up to ₹ 200 Crores.

Credit Rating for the NCDs?

  • The NCDs proposed to be issued under this Issue have been rated “CRISIL AA/Stable” (pronounced as CRISIL double A rating with stable outlook) by CRISIL Ratings Limited vide their letter dated November 6, 2023, read with rationale dated November 3, 2023 and credit bulletins dated December 6, 2023, January 31, 2024 and April 26, 2024, and “[ICRA]AA (Stable)” (pronounced as ICRA double A rating with a stable outlook) by ICRA Limited vide their letters dated
  • December 29, 2023, read with rationale dated December 29, 2023.

Security?

  • The NCDs proposed to be issued will be secured by a first ranking pari passu charge by way of hypothecation in favour of the Debenture Trustee, on the financial and non-financial assets (including investments) of the Company, both present and future; and on present and future loan assets of the Company, including all monies receivable for the principal amount and interest thereon, on a first ranking pari passu basis with all other secured lenders to the Issuer holding pari-passu charge over the security, as specifically set out in and fully described in the Debenture Trust Deed. The NCDs will have a minimum security cover of 1.25 times on the principal amount and interest thereon at all times during the tenor of the NCDs.

What is the face value/ Issue Price of the NCDs?

  • Rs. 1,000/- Per NCD

What is the frequency of interest payment?

  • Series II,V,VIII, X & XII – Monthly Coupon
  • Series I, IV, VII,IX & XI – Annual Coupon
  • Series III & VI - Cumulative

What is the minimum application amount?

  • Rs. 10,000/- (10 NCDs) and in multiple of Rs. 1,000/- (1 NCD) thereafter (for all the options of NCDs either taken individually or collectively)

Modes of Applying?

  • Application through the ASBA Process (for all applicants). Retail Individual applicant may use the UPI mechanism to block funds for application value up to Rs. 5 Lakhs submitted through the app/web interface of the Stock Exchange or through intermediaries (Syndicate members, Registered Stock Brokers, Registrar and Transfer agent and Depository Participants)

Who is not eligible to invest in the issue?

  • The following categories of persons, and entities, shall not be eligible to participate in the Issue and any Applications from such persons and entities are liable to be rejected:
  • a) Minors without a guardian name* (A guardian may apply on behalf of a minor. However, Applications by minors must be made through Application Forms that contain the names
  • of both the minor Applicant and the guardian);
  • b) Foreign nationals NRI inter-alia including any NRIs who are (i) based in the USA, and/or, (ii) domiciled in the USA, and/or, (iii) residents/citizens of the USA, and/or, (iv) subject to any taxation laws of the USA;
  • c) Persons resident outside India and other foreign entities;
  • d) Foreign Institutional Investors;
  • e) Foreign Portfolio Investors;
  • f) Qualified Foreign Investors;
  • g) Overseas Corporate Bodies**;
  • h) Foreign Venture Capital Funds; and
  • i) Persons ineligible to contract under applicable statutory/ regulatory requirements

Can the application be made on joint names?

  • Applications may be made in single or joint names (not exceeding three). In the case of joint Applications, all payments will be made out in favour of the first Applicant. All communications will be addressed to the first named Applicant whose name appears in the Application Form and at the address mentioned therein

Listing?

  • The NCDs are proposed to be listed on BSE and NSE

Tenor?

  • Series I, II & III – 24 Months
  • Series IV, V & VI – 36 Months
  • Series VII & VIII – 60 Months
  • Series IX & X – 84 Months
  • Series XI & XII – 120 Months

Basis of Allotment

  • Category I (Institutional) - 30 % of the Issue Size
  • Category II (Non-Institutional)- 10 % of the Issue Size
  • Category III (HNI) - 30 % of the Issue Size
  • Category IV (Retail Individual) - 30 % of the Issue Size

Can an applicant trade the NCDs in the market?

  • Yes. The NCDs will be listed on BSE & NSE. The trading of the NCDs shall be in dematerialized form only

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