IPO Details |
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|---|---|---|---|---|---|---|---|---|---|---|---|
Issue Size |
Rs 200 crore (Base issue size) with a green shoe option of Rs 800 crore aggregating upto Rs 1000 crore. |
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Face Value |
Rs 1000 |
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Minimum no of Bonds |
10 |
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Lot Size (Multiplier) |
1 |
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Nature of Instrument |
Secured ,Redeemable , Non-Convertible Debenture |
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Listing |
To be listed on BSE and NSE |
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Exchange Bid Timing( 24 hour format) |
10:00 to 18:00 |
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IPO Details |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Issue Size |
Rs 200 crore (Base issue size) with a green shoe option of Rs 800 crore aggregating upto Rs 1000 crore. |
||||||||||
Face Value |
Rs 1000 |
||||||||||
Minimum no of Bonds |
10 |
||||||||||
Lot Size (Multiplier) |
1 |
||||||||||
Nature of Instrument |
Secured ,Redeemable , Non-Convertible Debenture |
||||||||||
Listing |
To be listed on BSE and NSE |
||||||||||
Exchange Bid Timing( 24 hour format) |
10:00 to 18:00 |
||||||||||
*Allotment on first come first serve basis
ISSUE STRUCTURE |
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|---|---|---|---|---|---|---|---|---|---|---|---|
Option/Series |
I |
II |
III |
IV |
V |
VI |
VII |
VIII |
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frequency of interest payments |
Annual |
Cumulative |
Monthly |
Annual |
Cumulative |
Monthly |
Annual |
Cumulative |
|||
Tenor |
24
|
24
|
24
|
36
|
36
|
36
|
60
|
60
|
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Coupon (% per annum) for Secured NCD Holders in all Categories I & II |
8.35% |
NA |
8.35% |
8.50% |
NA |
8.20% |
8.75% |
8.43% |
|||
Coupon (% per annum) for Secured NCD Holders in all Categories III & IV |
8.75% |
NA |
8.42% |
9.00% |
NA |
8.66% |
9.25% |
8.89% |
|||
Effective Yield (% per annum) for Secured NCD Holders in all Categories I & II |
8.35% |
8.35% |
8.36% |
8.49% |
8.50% |
8.51% |
8.75% |
8.76% |
|||
Effective Yield (% per annum) for Secured NCD Holders in all Categories III & IV |
8.75% |
8.75% |
8.75% |
8.99% |
9.00% |
9.00% |
9.24% |
9.26% |
|||
Amount ( / NCD) on Maturity for NCD Holders in all Categories I & II |
1,000 |
1,174 |
1,000 |
1,000 |
1,277.60 |
1,000 |
1,000 |
1,000 |
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Amount ( / NCD) on Maturity for NCD Holders in all Categories III & IV |
1,000 |
1,182.70 |
1,000 |
1,000 |
1,295.35 |
1,000 |
1,000 |
1,000 |
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Capitalisation is marked by sizeable networth of Rs 15,635 crore as on June 30, 2021, supported by healthy internal accruals. Accruals of Rs 1,988 crore from sale of bulk of its investment in OakNorth Bank in fiscal 2021 also contributed to the strengthening of capital position. Networth coverage for pro-forma net non-performing assets (NPAs) was also comfortable at around 13 times.
IBHFL reported overall gross NPAs of 2.9% as on June 30, 2021 compared to 2.7% as on March 31, 2021. The uptick has been due to higher delinquencies in the housing loan and loan against property (LAP) segments on account of the second wave of Covid-19. Despite the uptick, asset quality continues to remains comfortable in these segments (together forming 86% of AUM as on June 30, 2021) with gross NPAs in housing loan and LAP at 1.2% and 2.9%, respectively.
IBHFL is the one of the larger housing finance companies (HFCs) in India with total AUM of Rs 79,213 crore as on June 30, 2021. The share of housing loans within the overall AUM continues to increase and was at 69% as on June 30, 2021 as compared to 50% as on March 31, 2015.
Asset-quality risks arising from a sizeable large-ticket commercial credit portfolio of Rs 11,190 crore as on June 30, 2021 persist, and could impact the company’s portfolio performance. Given the chunkiness of loans (average ticket size of Rs 150 crore), even a few large accounts experiencing stress could impact asset quality.
The management has recalibrated its business model in the light of funding access challenges that the company, as well as non-banking financial companies (NBFCs) in general have faced in recent times. Under the revised business model, IBHFL plans to move towards a less risky and asset-light framework, wherein disbursements will primarily be in the housing loans and LAP segments (with a potential 60:40 split), with a low proportion of incremental disbursals in developer finance portfolio. Further, on a steady state basis, of the overall disbursals, a significant proportion will be either co-originated or sold-down to banks.
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