Indiabulls Housing Finance Ltd - 535789 - Voluntary Creation Of Trustee-Managed Reserve Fund For External Commercial Borrowings Repayment
On November 14, 2022, Board of Directors authorized creation of fixed deposits (FD) or other earmarked pools of monies in a phased manner to meet repayment obligations of External Commercial Borrowings (ECBs) and Foreign Currency Convertible Bonds (FCCBs) at an appropriate time. Indiabulls Housing Finance , in June 2018 and August 2018, had availed External Commercial Borrowings (ECBs) aggregating to USD 270 million, for a tenor of about 5 years, maturing on 25th August, 2023. The principal and interest portion of these ECBs is fully hedged in accordance with extant RBI guidelines for External Commercial Borrowings thereby ensuring that the outstanding ECBs are effectively a rupee liability amounting to INR 19.30 billion. With a view to creating a reserve ('Reserve') towards the scheduled redemption of the ECBs, the Company has voluntarily decided to set aside a sum equivalent to 75% of the total maturity proceeds of these ECBs, in multiple stages, as per attached PDF file.30-11-2022