New Delhi, India, February 27, 2024: Indian law firm Saraf and Partners has guided the $445 million rights issue of Indiabulls Housing Finance, with Khaitan & Co and Linklaters advising the lead manager to the issue.

The lead managers were Nuvama Wealth Management Limited and InCred Capital Wealth Portfolio Managers Private Limited.

Indiabulls had set the price for the rights issue at 150 rupees per share, with shareholders entitled to one rights equity share for every two that they held in the company as on the record date (i.e. February 1, 2024).

Indiabulls is among the top 5 housing finance companies in India in terms of asset under management. The $445 million (Rs. 3,693 crore) rights issue was subscribed 2.01 times, making it one of the largest rights issues out of India in recent times.

The Saraf and Partners team was led by capital markets partner Murtaza Zoomkawala.

The Khaitan team advising the lead managers was led by partner Thomas George.

The Linklaters team was led by India practice head Amit Singh.