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Indiabulls Housing Finance cuts fiscal Q1 interim dividend

Indiabulls Housing Finance Ltd. lowered its interim dividend for for the fiscal first quarter ended June 30, and plans to raise up to 260 billion Indian rupees via debentures.

The company's board declared an interim dividend of 8 Indian rupees per equity share for the quarter, down from 10 rupees per share in the prior-year period, according to an Aug. 6 filing.

The dividend will be paid on or before Sept. 15 to shareholders on record as of Aug. 20.

In addition, the company plans to issue 250 billion rupees of secured nonconvertible debentures and 10 billion of unsecured, redeemable, nonconvertible subordinate debt in the nature of debentures. The debentures will be issued in one or more tranches on a private placement basis.

As of Aug. 6, US$1 was equivalent to 71.04 Indian rupees.