The shares of Indiabulls Housing have risen over by 8% on July 28 after its board approved raising of funds up to Rs 35,000 via issuance of non-convertible debentures and bonds.

Along with the fundraise plan, the company board also approved a final dividend of Rs 1.25 per share for FY23. The stock rallied 8% at Rs 137.85 on the National Stock Exchange (NSE). Reportedly, the stock is about 15% away from its 52-week high level of Rs 158.65.

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The announcement came after FPI (foreign portfolio investor) Societe Generale picked a 0.59% stake in the housing finance company. The Europe-based financial services group bought 27.84 lakh equity shares at an average price of Rs 127.96 per share.

According to media reports, the National Company Law Appellate Tribunal (NCLAT) closed the appeal by media baron Subhash Chandra against Indiabulls Housing Finance Limited.

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In Q4 FY23, Indiabulls Housing Finance had posted a 14% decline in consolidated net profit to Rs 263 crore. Its revenue from operations fell to Rs 2,077 crore for the March quarter as compared to Rs 2,191 crore in the year-ago period.

The company's gross non-performing assets (NPAs) came down to 2.85 percent at the end of March 2023 against 3.30 percent a year ago.