IIFL Samasta Finance, a non-banking microfinance company (NBFC-MFI), will raise up to ₹ 1,000 crores through its maiden public issue of secured bonds, G Mohan Kumar, Head -Treasury, has said.

The bonds offer up to 10.50 per cent interest per annum for a tenure of 60 months. The NCD is available in tenors of 24 months, 36 months and 60 months. The frequency of interest payment is available on a monthly and annual basis for each of the series. 

Kumar said that the issue would open on December 4, 2023 and close on December 15, 2023. 

It has a base issue size of ₹200 crore and can retain over-subscription of up to ₹800 crore (aggregating to a total of ₹1,000 crore). 

The credit rating for these bonds is CRISIL AA-/Positive by CRISIL Ratings Limited and Acuite AA| Stable by Acuite Ratings and Research Limited.

IIFL Samasta received a rating outlook upgrade to ‘positive’ from ‘stable’ by Crisil earlier this month. 

“IIFL Samasta Finance has a strong physical presence of across India through about 1,500 branches. It caters to the credit needs of underserved and unserved population, primarily women entrepreneurs from underprivileged background through a well-diversified portfolio. 

The funds raised will be used to meet credit demand from more such customers and bolster business growth”, Venkatesh N , Managing Director & CEO, said.