Indiabulls Housing Finance announced plans to raise Rs 50,000 crore in the next financial year to fund loan growth.
The lender expects loan growth of 15-20 per cent in the next fiscal year, which would lift its balance sheet to levels near the pre-pandemic peak when it had crossed the Rs 1 lakh crore mark.
The mortgage lender’s counter jumped to a high of Rs 161.90 as against Rs 153.45 at previous close on the National Stock Exchange.
The lender's outstanding loan book stood at Rs 74,800 crore as of end-February, which is flat at the previous year's level and if it grows by the upper end of the target it may close the next fiscal with around Rs 90,000 crore of loan book
"We've taken the board permission to raise higher capital as we expect overall loan growth to be over 15-20 per cent next fiscal, and loan demand is likely to gather momentum from the second half," Ashwini Hooda, the Deputy Managing Director of Indiabulls Housing.
This will be the first fundraising by the company after the founder Sameer Gehlaut in mid-December 2021 announced that he would leave the board (as a non-executive director) from March 31, 2022 and will also fully exit his holding in the company in a few years.
