The lender’s outstanding loan book stood at Rs 74,800 crore as of February-end, which is flat at last year’s level and if it rises to the upper end of the target, it may close the next fiscal with a loan book of around Rs 90,000 crore. Is. AUM.
The board has passed an enabling provision allowing the company to raise up to Rs 50,000 crore for our debt growth in the next financial year – up from Rs 26,000 crore we raised last year.
Deputy Managing Director Ashwini Hooda said, “We have taken board’s nod for higher capital raising as we expect overall credit growth to exceed 15-20 per cent in the next financial year, and credit demand is likely to pick up.” ” Indiabulls Housing told PTI on Monday.
This will be the first fundraising by the company after founder Samir Gehlot, in mid-December 2021, would step down from the board (as a non-executive director) with effect from March 31, 2022 and completely exit his stake in the company. few years.
He now holds a 9.71 percent stake, having sold 11.9 percent to Blackstone Group and Abu Dhabi Investment Authority last December.
After this, Gehlot, who founded the company on March 14, resigned from the board.
In his resignation letter, Gehlot said, “I am leaving the company to make it a fully professionally managed and run company. I recently sold my 11.9 per cent stake and now own 9.71 per cent which I would like to share in its public domain.” as a shareholder. To participate in its future growth story.”
Hooda said the company had raised only Rs 26,000 crore in the outgoing financial year as credit growth reached Rs 74,800 crore with a negative bias.
Of this, commercial real estate book/builder loan was Rs 13,600 crore, which is less than Rs 20,900 crore. He said that this declining number is part of our plan to exit this business completely.
It may be noted that one of the biggest reasons for Lakshmivilas Bank’s unsuccessful acquisition of the company in 2019 was the group’s high exposure to the troubled realty sector. The group was planning to transform itself into a bank with an acquisition attempt.
Generally, the company raises 60 per cent from bank loans, 30 per cent through securitization and the remaining 10 per cent by issuance of NCDs or foreign debt/ECBs, Hooda said.
Accordingly, out of Rs 26,000 crore raised so far this fiscal, Rs 1,300 crore came from bonds, about Rs 2,000 crore from foreign bonds and about Rs 8,000 crore from securitization and the remaining Rs 14,000-15,000 crore from banks.
Its cost of funds averaged 7.5 per cent in FY12, but he expects it to rise in the next fiscal, considering inflationary pressures.
Hooda said that despite the sluggish growth, asset quality has remained stable so far this fiscal, with gross NPAs accounting for only 3.25 per cent or Rs 2,000 crore. But the company has a provision coverage ratio of 150% or a provision of Rs 3,000 crore has been made for this. So there is no worry of fourth wave or any other event, he said.
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