Indiabulls Housing says Yes Bank owes it Rs 662 crore in form of bonds

Indiabulls Housing says Yes Bank owes it Rs 662 crore in form of bonds
09/03/2020 , by , in News/Views

Indiabulls Housing Finance on Sunday said Yes Bank owes Rs 662 crore in the form of bonds to the company and it has no term loans outstanding from the lender. “We wish to inform that Yes Bank owes to Indiabulls Housing Finance Rs 662 crore via additional tier 1 (AT-1) bonds,” it said in a regulatory filing.

The investments in AT-1 bonds of Yes Bank were made in 2017, as part of its treasury management of over Rs 20,000 crore of cash and when the bank was worth over USD 10 billion in value, it said.

“Indiabulls Housing Finance has no term loans outstanding from Yes Bank,” it said.

Sameer Gehlaut, promoter of Indiabulls Housing Finance, or any of his companies or any of his family member companies have no loans outstanding from Yes Bank, the non-banking finance company said further.

The statement from Indiabulls Housing comes amid arrest of Yes Bank co-founder and former CEO Rana Kapoor, on alleged money laundering charges and that the loans by the lender to DHFL turned sour.

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