Saraf and Partners (S&P) advised Indiabulls Housing Finance on its public issue of NCDs which was oversubscribed 4.04x times.

S&P has acted for and advised (i) Indiabulls Hosing Finance Limited (“Indiabulls”); Edelweiss Financial Service Limited (“Edelweiss”); (iii) IIFL Securities Limited (“IIFL”); and (iv) Trust Investment Advisors Private Limited (“Trust” and together with Edelweiss and IIFL, the “Lead Managers”), on the filing of a Shelf Prospectus and Tranche I Prospectus with the Registrar of Companies, National Capital Territory of Delhi and Haryana (“RoC”), the Securities and Exchange Board of India (“SEBI”), National Stock Exchange of India Limited (“NSE”) and BSE Limited (“BSE”), by Indiabulls, for the public issue of secured and/or unsecured redeemable non-convertible debentures of face value of ₹1,000 each (“NCDs”) for an amount up to ₹ 200 crores (“Base Issue Size”) with an option to retain oversubscription of up to ₹ 800 crores (“Green Shoe Option”), aggregating up to ₹ 1,000 crores (“Issue”).

The Firm also advised Indiabulls and the Lead Managers in negotiations with other parties involved on the transaction, such as the debenture trustee (IDBI), the statutory auditors (Ernst and Young), the registrar (Karvy), and the credit rating agencies (CRISIL and Brickwork). The Firm provided key support to Indiabulls in terms of managing the transaction and coordinating between multiple parties involved; assisted the Lead Managers on due diligence; and advised Indiabulls and the Lead Managers on various aspects of Indian Law.

Indiabulls had earlier filed its Draft Shelf Prospectus with the regulators on August 23, 2021.

The Base Issue Size was oversubscribed 4.04x times. The total collection was Rs. 807.83cr. The retail category was oversubscribed by 2.44 times (of the Base Issue Size) with a total collection of Rs146.22cr.

Overall, this Tranche I Issue has seen interest from investors across series and tenures offering annual, monthly, and cumulative interest options.

The NCDs have been rated “CRISIL AA/Stable” (pronounced as CRISIL double A rating with stable outlook), by CRISIL Ratings; “BWR AA+ Negative” (pronounced as “BWR double A plus with negative outlook), by Brickworks Ratings India Private Limited.

This transaction is the first public issue in India under the recently promulgated SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (“NCS Regulations”), which came into force on the 9th of August 2021.

S&P team was led by Partner - Murtaza Zoomkawala, who was ably assisted by Associate - Pallavi Singhal.