Indiabulls Housing Finance has Rs 662 crore in Yes Bank AT1 bonds

Source : ANI
Author : ANI
Last Updated: Mon, Mar 9th, 2020, 14:52:50hrs
Indiabulls Housing Finance has Rs 662 crore in Yes Bank AT1 bonds

Mumbai (Maharashtra): Indiabulls Housing Finance has said Yes Bank owes to it Rs 662 crore via additional tier one (AT1) bonds.

"The investments in AT-1 bonds of Yes Bank were made in 2017, as a part of its treasury management of over Rs 20,000 crore of cash and when the bank was worth over 10 billion dollars in value," Indiabulls Housing Finance informed stock exchanges in regulatory filings.

Indiabulls Housing Finance has no term loans outstanding from Yes Bank.

"Sameer Gehlaut, promoter of Indiabulls Housing Finance or any of his companies or any of his family member companies, have no loans outstanding from Yes Bank," the company said.

Indiabulls Housing Finance is the third largest housing finance company in India with a pan-India network of over 200 branches in 21 states.

The Reserve Bank of India (RBI) has suspended Yes Bank's board and imposed a withdrawal limit of Rs 50,000 on its account holders till April 3.

Former State Bank of India's Chief Financial Officer Prashant Kumar was appointed administrator of Yes Bank last week on Thursday. A day later, Finance Minister Nirmala Sitharaman said the restructuring plan for Yes Bank will be implemented within 30 days.

State Bank of India -- the country's largest bank -- has started due diligence to infuse Rs 2,450 crore and could pick up 49 per cent stake in the troubled private sector Yes Bank.

At 10:30 am, Indiabulls Housing Finance was trading 13.52 per cent lower on BSE Ltd at Rs 220 per share.