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Vatika repays Rs 420 crore loan to Indiabulls Housing Finance

10 Jul 2019 Evaluate

Vatika has repaid loans worth Rs 500 crore to Indiabulls Housing Finance and HDFC by monetising its land bank and commercial assets. Vatika has repaid nearly Rs 420 crore to Indiabulls Housing Finance and Rs 80 crore to HDFC for their respective project-level debt exposure. The debt repayment has been financed through a combination of monetisation of its land parcels and commercial assets.

Vatika had raised this fund in a phased manner since 2013. To cut its debt, Vatika had decided to monetise two of its prime land parcels, including a 15-acre plot in the prime area of Gurugram, apart from the sale of residential apartments at its projects. It also monetised commercial assets by availing Lease Rental Discounting (LRD) to raise funds for this round of debt repayment.

Indiabulls Housing Finance is the second largest private housing finance company in India, regulated by the National Housing Bank (NHB).

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