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InFocus Finance

Indiabulls Housing Finance Approves $350M Bids for Social Bonds

the Reserve Bank of India under the guidelines for external commercial borrowings “ECB Guidelines”, the Company intends  to use the proceeds from this Offering for such activities like onward lending as may be permitted under the ECB Guidelines

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SMEStreet Edit Desk
28 Mar 2024 11:40 IST

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This is in furtherance to our letters dated March 15, 2024 and March 19, 2024. We are pleased to inform that the Securities  Issuance and Investment Committee (“Committee”) of Indiabulls Housing Finance Limited (the “Company”) has approved the  issuance of USD denominated senior secured social bonds (the “Bonds”) aggregating to US$ 350 million and has approved the  pricing, tenure and other terms of the Bonds. Subject to compliance with applicable laws and regulations and as permitted by 

the Reserve Bank of India under the guidelines for external commercial borrowings (“ECB Guidelines”), the Company intends  to use the proceeds from this Offering for such activities like onward lending as may be permitted under the ECB Guidelines and in accordance with the Company’s sustainable financing framework. 

Further, we are pleased to inform you that pursuant to the powers delegated to the Committee by the Board of Directors of the  Company, the Committee has reviewed and approved the offering circular (“OC”) including the final pricing term sheets in  relation to the issuance of Bonds by the Company. 

The required details in relation to the abovementioned issuance are as follows: 

i. 

Size of the issue 

U.S.$ 350,000,000

ii. 

Whether proposed to be listed? If yes,  name of the Stock Exchanges

The Bonds are expected to be listed on the Global  Securities Market (GSM) of the India International  Exchange (IFSC) Limited

iii. 

Tenure of the instrument - date of  allotment and date of maturity

Settlement date – April 3, 2024 

Maturity date – July 3, 2027

iv. 

Coupon / interest offered, schedule of  payment of coupon interest and  principal

9.70% 

Interest payment date: Semi-annually in arrear on January 3 and July 3 until the final maturity date. The first payment of interest, for the period fromand including April 3, 2024 to but excludingJanuary 3, 2025, will be made on January 3, 2025.

v. 

Charge/security, if any, created over  the assets

Secured

vi. 

Special rights / interest / privileges  attached to the instrument and changes  thereof

Not applicable

vii. 

Delay in payment of interest / principal amount for a period of more  than three months from the due date or default in payment of interest /  principal

Default in payment of principal of or interest on  any of the Bonds when due is an Event of Default  under the Bonds.

viii 

.

Details of any letter or comments  regarding payment / non-payment of  interest, principal on due dates, or any  other matter concerning the security  and / or the assets along with its  comments thereon, if any

Not applicable

ix. 

Details of redemption of preference  shares indicating the manner of  redemption (whether out of profits or  out of fresh issue) and debentures

Not applicable

Additionally, we are pleased to inform that the Company in relation to the issuance of the Bonds has executed the subscription  agreement (the “Subscription Agreement”) with Barclays Bank PLC, CLSA Limited, Deutsche Bank AG, Singapore Branch,  Elara Capital PLC, Emirates NBD Bank PJSC and Nuvama Financial Services (UK) Limited and UBS AG Singapore Branch, as managers (together, the “Managers”) and the major terms of these agreements are as per the details hereunder: 

Subscription Agreement:

Particulars 

Terms

Name(s) of parties with whom the agreement is  entered

The Company and the Managers

Purpose of entering into the agreement 

Agreement by the Company to issue the Bonds and by the  Managers to subscribe and pay for, or to procure subscribers  therefor.

Size of the agreement 

Principal amount of the Bonds, as adjusted for underwriting  discount, commission and fees to the Managers

Shareholding, if any, in the entity with whom the  agreement is executed

None

Significant terms of the agreement (in brief)  special rights like right to appoint directors, first  right to share subscription in case of issuance of  shares, right to restrict any change in capital  structure etc.

The Company has provided certain representations, warranties and indemnity to the Managers and agreed to  certain undertakings under the Agreement.

Whether, the said parties are related to  promoter/promoter group/ group companies in any manner. If yes, nature of relationship

No

Whether the transaction would fall within related  party transactions? If yes, whether the same is done at “arm’s length”

No

In case of issuance of shares to the parties, details  of issue price, class of shares issued

Not applicable

In case of loan agreements, details of lender, nature of the loan, total amount of loan granted,  total amount outstanding, date of execution of the  loan agreement/sanction letter, details of the  security provided to the lenders for such loan

Not applicable

Any other disclosures related to such agreements,  viz., details of nominee on the board of directors of the listed entity, potential conflict of interest arising out of such agreements, etc.

Not applicable

 

Indiabulls Housing Finance
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