Indiabulls Housing Finance has received approval to raise over Rs 7,000 crore through various means. This includes $275 million (Rs 2,043.43 crore) by issuing equity shares or other instruments. The company's fund mop-up plan is subject to shareholders' approval in the upcoming annual general meeting to be held in late July.
The object of raising funds in US dollars is to augment the long-term resources of the company and to maintain sufficient liquidity for meeting funding requirements of its business activities.
Indiabulls Housing Finance is the second largest private housing finance company in India, regulated by the National Housing Bank (NHB).