Indiabulls Housing Finance Ltd (IBHFL) has said that it has raised Rs 1,330 crore by issuing its first masala bonds to overseas investors.
The three-year tenure rupee-denominated bonds were listed on the Singapore Exchange (SGX) and attracted close to 70 per cent participation from investors in Asia, a company statement said.
The rupee-denominated bonds or masala bonds are instruments through which Indian entities can raise funds by accessing overseas capital markets, while the bond investors hold the currency risk.
IBHFL said it would be using the proceeds from the issue towards its housing-finance business, particularly loans in the affordable home segment.
“This successful issue is a testament to the confidence of foreign investors in our company and opens up a vast global pool of debt capital for us,” said IBHFL Vice-Chairman and MD Gagan Banga.