India Infoline Housing Finance Ltd (IIHFL) on Monday said its public issue of 11.52 per cent secured, redeemable, non-convertible debentures (NCDs), aggregating up to Rs 250 crore with an option to retain over-subscription up to another Rs 250 crore, will open on December 12.
The face value of the NCDs of IIHFL, the housing finance arm of India Infoline Ltd, a leading diversified financial services company, will be Rs 1,000 each.
These NCDs have a monthly option and will be issued for 5 years. The yield on the NCD works out to 12.15% per annum. These bonds are secured against home and mortgage receivables, said Nirmal Jain, Chairman, India Infoline Ltd, here on Monday.
“Our recent NCD issue of India Infoline Finance, parent company of IIHFL, raised Rs 1,050 crore, including the green shoe option. This was the largest public issue of bonds, by any private issuer in India, in the last 4 years (as per Prime Database),” he said.
On the NCDs issue, he said this is the fourth issue from IIFL Group in the last 3 years. “All its earlier issues have met with overwhelming response and customer’s trust. In the corporate bond market, IIFL brand is well accepted and has an impeccable track record. ”
The Issue will close on December 20, 2013, with an option to close on such earlier date or extended date up to a period of 30 days from the date of opening of the Issue, as may be decided.