Indiabulls Housing Finance Repays External Commercial Borrowings
Indiabulls Housing Finance Limited (IHFL) has repaid all of its external commercial borrowings (ECBs) of over $3 billion. The company repaid $275 million ( ₹2,232 crore) to authorized dealer banks on Thursday.
The company had availed the ECBs in 2018. Since then, it has repaid ₹1,62,985 crore (gross) and ₹85,512 crore (net). This has helped the company reduce its balance sheet by almost half, from ₹1,39,804 crore to ₹74,413 crore.
The company expects to repay another ₹4,800 crore in debt in the next 12 months and ₹10,000 crore in the next 24 months. The repayments from its loan portfolio will more than cover these amounts.
IHFL is confident that by the end of the quarter, its borrowings will go down to about ₹3,600 crore and its net debt-to-equity ratio will be at 1.8x.
This is a positive development for IHFL, as it will help to improve its financial health. The company is now well-positioned to grow its business in the future.
Here are some additional details from the news article:
- 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.
- IHFL has been under pressure in recent years due to the slowdown in the housing market. However, the company has taken steps to improve its financial position, including reducing its debt and increasing its capital.
- The company’s management is confident that it will be able to continue to grow its business in the future.