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MUMBAI: Top-rated Indiabulls Housing Finance has foreclosed its public bond sales on Friday, the second day since its opening as institutions rushed to buy the securities amid falling interest rates. But, the issue fell short of attracting retail investments in full as over three-fourths of the limit for retail section remained unsubscribed till its close. The company received bids for 505.33 crore against 2,100 crore allotted.

For institutions, it saw an oversubscription up to 4,605 crore versus 1,400 crore, earmarked for the specific class of investors.

The company has raised 7,000 crore in total marking half of the total issue size as an option to retain oversubscription.

Those bonds offered interest rates ranging from 8.55-9.15% with 3-year, 5-year and 10-year maturities.

“Subscribed over 2 times on base issue of 3,500 crore, with bids on BSE and NSE crossing over 7,200 crore,” Indiabulls said in a release.

“With the success of this issue, the company has further diversified its funding sources and will help in reducing its cost of funds,” said Gagan Banga, managing director, Indiabulls Housing Finance.

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