Stocks

Indiabulls Housing Fin shares surge 6% on Crisil ratings

PTI New Delhi | Updated on October 17, 2019 Published on October 17, 2019

Indiabulls Housing Finance.   -  BusinessLine

Shares of Indiabulls Housing Finance rallied nearly 6 per cent on Thursday after rating agency Crisil said the company has aggregate liquidity to cover its debt repayment obligations till September 2020.

Indiabulls Housing Finance (IBHFL) stock gained 5.44 per cent to trade at ₹182.30 on the BSE. On similar lines, the scrip was trading up 5.95 per cent at ₹183.35 on the NSE.

Crisil noted that IBHFL continues to maintain strong liquidity with cash and cash equivalents at around 20 per cent of total assets as on October 10, 2019. It has aggregate liquidity of more than ₹18,500 crore as on October 10, 2019, which provides around 100 per cent cover over the company’s debt repayments till September 2020, Indiabulls Housing Finance said in a late evening BSE filing on Wednesday.

“The rating committee of CRISIL has reaffirmed the long-term rating of Indiabulls Housing Finance Limited at CRISIL AA+. Short-term rating has been reaffirmed at CRISIL A1+,” IBHFL said in the filing. There seems to be signs of improvement in the first fortnight of October 2019 with IBHFL having received sanctions to raise ₹5,200 crore via term loans, working capital lines, commercial papers and securitisation lines, it added.

Published on October 17, 2019
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