Indiabulls Housing Finance climbs 2%, pares gains later

Indiabulls Housing Finance climbs 2%, pares gains later

NEW DELHI: Shares of Indiabulls Housing Finance climbed 2 per cent on the BSE early Wednesday after reports said that the non-banking finance company has raised Rs 23,615 crore in the past two months.

However, the scrip failed to hold onto the gains and turned flat as the session progressed.

At around 10 am, the shares of the company were trading at Rs 707.55, up 0.02 per cent on BSE. Benchmark Sensex was 0.53 per cent down at 35,286 at that time.

The housing finance firm has raised Rs 23,615 crore in the past two months through a combination of debt capital market and loan portfolio sales, the move aimed at maintaining high levels of cash.

The company has raised funds at a time when the NBFC sector is reeling under the pressure of liquidity squeezing after Infrastructure Leasing and Financial Services (IL&FS) defaulted on its debt obligations in early September.