Indiabulls Housing Finance raises $165-M via offshore papers

Indiabulls Housing Finance raised about $165 million selling five-year convertible bonds to overseas investors. The home financier will likely utilise the proceeds for onward lending. The debt papers, which carry a reported rate of 4.5%, have a 'put' option at the end of three years giving investors an opportunity to exit before the scheduled maturity. Deutsche Bank, CLSA, Edelweiss UK and Elara Capital helped the company raise the funds.