Indiabulls Financial Services Accumulates Rs 1 282 5 Crore Via QIP Route (27-Aug-2010)
Indiabulls Financial Services has accumulated fresh funds of Rs 1,282.5 crore through Qualified Institutional Placement (QIP) of secured redeemable non-convertible debentures (NCDs) and warrants. The issue, which opened on August 25 (Wednesday), closed on August 26 (Thursday).
The company has raised total Rs 650 crore through issue of secured redeemable NCDs maturing in August 2015 (coupon rate - 10% per annum (pa); quantity - 5,500) and in February 2012 (coupon rate - 8.9% pa; quantity - 1,000). The face value of these NCDs is Rs 10 lakh each.
Another Rs 632.50 crore has been raised through issue of 2.75 crore warrants of Rs 5 each carrying a right to exchange each warrant with one equity share of the company any time before the expiry of 60 months from the date of allotment. The warrant exercise price is Rs 225. If some media reports are to be believed leading financial institutions like ICICI Bank, Axis Bank, UTI Mutual Fund and Reliance Mutual Fund subscribed to the warrants issue of the company.
Indiabulls Financial Services is engaged in the business of offering various services in the area of consumer finance, housing finance, commercial loans, life insurance, asset management and advisory services. The company had reported a net profit of Rs 128.24 crore for the quarter ended June 30, 2010 against Rs 61.17 crore for the quarter ended June 30, 2009, up by whopping 109.64%. Its total income for the quarter under review stood at Rs 413.53 crore, up 19.45% over Rs 346.19 crore for the year ago period.
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