Indiabulls Housing Finance (IBHFL), India's 2nd largest private housing finance company announced that reputed rating agency CARE has upgraded the company's sub debt rating to AAA. This places IBHFL in a select list of financial services companies in India who have achieved a AAA rating for not only their senior debt but also their Tier 2 capital.

This upgrade will allow IBHFL to further enhance shareholder value by maximising RoE in the long run. While IBHFL is comfortably placed on capitalization levels, the upgrade of subordinate debt rating will help us raise tier-II capital at fine rates and enable very efficient utilisation of equity capital.

Shares of the company gained Rs 8, or 1.19%, to settle at  Rs 679.10.  The total volume of shares traded  was  46,519 at the BSE (Friday).