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Indiabulls Housing to consult SEBI for buybacks

The company is said to be one of the top ten dividend-paying companies in India, having paid Rs 10,530 crore (Rs 271 per share) in FY19.

, ET Bureau|
Updated: Oct 14, 2019, 11.58 PM IST
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Indiabulls Housing Finance shares lost 5.74% to close at Rs 197.90 Monday after global rating company Moody’s lowered the company’s creditworthiness
MUIMBAI: Indiabulls Housing Finance will consult the capital-markets regulator, the Securities and Exchange Board of India (Sebi), about its eligibility to buy back shares given the regulations on the ideal capital structure.

“The board thought it prudent to first confirm with Sebi on the applicability of the debt-equity ratio of 6:1 as currently prescribed for a subsidiary NBFC/HFC in the Gazette…,” the company said in a late Monday note to stock exchanges.

The board, which met Monday, advised the company to continue with its policy of paying 50% of profits as dividends, as has been the practise for the past 10 years.

The company is said to be one of the top ten dividend-paying companies in India, having paid Rs 10,530 crore (Rs 271 per share) last 10 years.

Meanwhile, Indiabulls Housing Finance shares lost 5.74% to close at Rs 197.90 Monday after global rating company Moody’s lowered the company’s creditworthiness to B2 from Ba2, citing funding challenges.
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