Indiabulls Housing Finance said on Thursday that the company’s outlook has been upgraded by rating agency ICRA on the back of a healthy financial profile and strengthened governance structure. The company’s outlook has been revised to ‘stable’ from the earlier ‘negative’ rating.
“The long-term credit rating of Indiabulls Housing Finance Ltd has been reaffirmed at ‘ICRA AA’,” said the company in a regulatory filing.
ICRA revised the outlook on the basis of a “healthy financial profile with adequate capitalisation, strengthened governance structure, strong liquidity position, limited slippages and healthy collections, adequate asset quality of the retail segment, and sufficient provision to cushion any asset quality deterioration”.
The company had recently sold a stake worth Rs 251 crore in OakNorth Holdings with the proceeds going to the regulatory net worth and the CRAR (capital-to-risk weighted asset ratio) of the company. Indiabulls Housing Finance had also booked business worth Rs 500 crore through the co-lending model route in the first five months of the current financial year.
Additionally, Indiabulls Housing Finance had raised around $165 million by selling five-year convertible bonds to overseas investors. The proceeds are likely to be utilised for forward lending. The company had also raised Rs 807.83 crore through issuance of non-convertible debentures (NCDs) last month.
Indiabulls Housing Finance said last week that it has repaid Rs 7,075.84 crore of Non-Convertible Debentures (NCDs) to investors in the month of September 2021.