The rating committee of CRISIL has reaffirmed the long-term rating of Indiabulls Housing Finance Limited [IBH] at "CRISIL AA+". Short-term rating has been reaffirmed at "CRISIL A1+". The watch resolution of negative outlook follows the announcement of RBI not approving the merger of IBH with LVB.
CRISIL noted the following in reaffirming the ratings and resolving the rating watch:
- IBH continues to maintain strong liquidity with cash and cash equivalents at around 20% of total assets as on October 10, 2019. The company has aggregate liquidity of more than Rs 18,500 crore as on October 10, 2019, which provides around 100% cover over IBH's debt repayments till September 2020.
- There seem to be signs of improvement in the first fortnight of October 2019 with IBH having received sanctions to raise Rs. 5,200 crore via term loans, working capital lines, commercial papers and securitization lines.
Shares of Indiabulls Housing Finance Ltd was last trading in BSE at Rs.197.15 as compared to the previous close of Rs. 172.9. The total number of shares traded during the day was 7796400 in over 62947 trades.
The stock hit an intraday high of Rs. 204 and intraday low of 165.95. The net turnover during the day was Rs. 1447127653.