Money & Banking

IIFL Finance to raise up to ₹1,000 crore through secured bonds

Our Bureau Mumbai | Updated on September 23, 2021

The public issue opens on September 27 and closes on October 18 with an option of early closure

IIFL Finance will raise upto ₹1,000 crore through a public issue of secured bonds.

“Fairfax -backed IIFL Finance will issue secured redeemable non-convertible debentures, aggregating to ₹100 crore, with a green-shoe option to retain over-subscription up to ₹900 crore,” it said in a statement on Thursday, adding that the funds will be used business growth and capital augmentation.

“The funds raised will be used to meet credit need of more such customers and accelerate our digital process transformation to enable a frictionless experience,” said Rajesh Rajak, CFO, IIFL Finance.

The public issue opens on September 27 and closes on October 18 with an option of early closure. The allotment will be made on first come first served basis.

Yield offered

The bonds offer up to 8.75 per cent yield for tenor of 60 months. The company will also offer an incentive of 0.25 per cent per annum for existing bond or equity shareholders of the company.

The NCD is available in tenors of 24 months, 36 months and 60 months.

The lead managers to the issue are Edelweiss Financial Services, IIFL Securities and Equirus Capital. The NCDs will be listed on the BSE and the National Stock Exchange.

Published on September 23, 2021

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