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Indiabulls Housing Finance on Monday said it has raised up to Rs 7,000 crore from non-convertible debentures (NCDs) to fund its business expansion.

“The Bond Issue Committee of the company… approved the issue and allotment of secured redeemable non-convertible debentures and unsecured redeemable non-convertible debentures of face value of Rs 1,000 each, to base issue of Rs 3,500 crore with an over-subscription up to Rs 3,500 crore for issuance of additional NCDs aggregating up to Rs 7,000 crore,” Indiabulls Housing Finance said in a regulatory filing.

The debentures carry a coupon rate in the range of 8.55-9.15%.

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