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Indiabulls Housing Finance scales 2 percent at BSE curtails gains later

Early Wednesday, Indiabulls Housing Finance brought in good news for the ones who invested in its shares. As confirmed by reports, the shares for the company jumped up by 2 percent at the BSE after reports came in stating that this non-banking based finance company raised about INR 23,615 within the duration of 2 months.

However, the company failed to grab onto its gains which eventually turned flat while the session proceeded forward. At 10 a.m., the company reflected a share price of INR 707.55 per share which was up 0.02 percent at the BSE. The Benchmark Sensex reflected a 0.53 percent decrease marked at 35,286 at the very same moment.

This housing finance company raised about INR 23,615 crore in a time frame of 2 months via opting for a combination of loan based portfolio sales and the capital market for debt. This move actually aimed at the maintenance of high cash mark. Now, the company raised funds right when NBFC sector has been reeling under a huge pressure surfacing from liquidity squeezing post the company Infrastructure Leasing & Financial Services actually defaulted on the pending debt obligations in the early half of September.