Indiabulls Housing Finance's shares have surged by 3% in two days, reaching Rs 177/share, following the company's proposal to buy back bonds maturing by March 2024. Despite a 15% year-to-date increase, the company's borrowings remain at Rs 35,000 crore, with a net debt to equity ratio of 1.7x.
Indiabulls Housing criticized CARE Ratings' downgrade, emphasizing its improved capital position and reduced debt burden. CRISIL and ICRA have maintained ratings at 'CRISIL AA/Stable' and 'ICRA AA/Stable,' respectively. Capri Holdings sold shares worth Rs 43 crore, equivalent to a 0.53% stake in Indiabulls Housing Finance on October 4.