Indiabulls Housing Finance: Indiabulls Housing Finance rights issue lists at Rs 92/share

by

Mumbai: The partly paid-up shares of Indiabulls Housing Finance Rights listed on Friday at ₹92 per share, as against its intrinsic value of ₹88.75, following a strong response to the rights issue last week. The stock surged to a 20% upper circuit after listing, closing at ₹106.50.

The intrinsic value of the partly paid shares is calculated by subtracting the pending instalment payment from the Thursday closing price of Indiabulls Housing Finance, resulting in the value of ₹88.75. The closing price of Indiabulls Housing on Thursday was ₹188.75, and the instalment to be paid is ₹100 per share.

The rights shares were offered at ₹150 apiece. The issue required an initial payment of ₹50, representing 33.3% of the issue price, with the remaining ₹100 has to be paid at a later date determined by the company’s board.

The partly paid shares of Indiabulls Housing’s rights issue, which closed last week, received 2.04 times subscription, with shareholders and other applicants bidding for a total of over ₹7,515 crore against the issue size of ₹3,693 crore. Shareholders were offered one rights share for every two shares held by them.

Shares of Indiabulls Housing rallied nearly 10% on Friday to close at ₹206.95.

(You can now subscribe to our ETMarkets WhatsApp channel)

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

Source link

Denial of responsibility! NewsConcerns is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a Comment