Mumbai: Indiabulls Commercial Credit Limited (ICCL) on Friday said it will raise up to Rs 2,000 crores by issuing non-convertible debentures.
ICCL, a 100% subsidiary of Indiabulls Housing Finance Limited (IBHFL), will open the issue on September 11, it said in a release.
The company will issue secured non-convertible debentures (NCDs) with a base issue size of Rs 1,000 crore and an option to retain over-subscription of another of Rs 1,000 crore.
The NCDs proposed to be issued carry a dual AAA rating from CRISIL and CARE, considered to have the highest degree of safety regarding timely servicing of financial obligations.
"In 2016, IBHFL did a successful public issue of NCDs aggregating to Rs 7,000 crore... This issue is also attractively priced, offering up to 9.20% to retail and HNI investors for 10 years tenor, and coupled with the highest possible AAA ratings," ICCL Chairman Ajit Kumar Mittal said.
Edelweiss Financial Services, A K Capital Services, Axis Bank, Trust Investment Advisors, Yes Bank and Yes Securities (India) are the lead managers to the issue.
"We plan to use the issue proceeds primarily towards onward lending, which will provide a thrust to the company's growth plans in the secured mortgage-lending space while diversifying our borrowing profile," said Ripudaman Bandral, Managing Director, ICCL.