Indiabulls Housing Finance Limited on Thursday repaid $275 million or ₹2,232 crore to authorized dealer banks towards the repayment of External Commercial Borrowings availed in 2018 from foreign banks, the company announced through an exchange filing.
The company paid $144.5 million to Barclays Bank Plc, $100 million to State Bank of India and $30 million to ANZ Banking Group Limited.
With this, Indiabulls Housing Finance has repaid all of the over $3 billion of senior foreign currency debt that it had availed in the last few years. The company since September 2018 has repaid ₹1,62,985 crore on gross basis and ₹85,512 crore on net basis. In doing so it has reduced its balance sheet to almost half from the initial ₹1,39,804 crore at the end of September 2018 to ₹74,413 crore at the end of June 2023.
The company in the regulatory filing said, "From here on out, our debt repayments are merely ₹400 crore a month - over next 12 months we have ₹4,800 crore of repayment and ₹10,000 crore over next 24 months. This will be more than comfortably covered by repayment from the loan portfolio. Against the debt repayment of ₹400 crore per month we have contracted loan portfolio repayment inflows of about ₹850 crore per month."
Indiabulls Housing Finance is confident that by the end of the quarter its borrowings will go down to about ₹3,600 crore and the net debt to equity will be at 1.8x.
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