Money & Banking

IIFL Finance to raise up to ₹1,000 crore

Our Bureau Mumbai | Updated on February 26, 2021

Public issue of bonds to open on March 3

IIFL Finance will open a public issue of bonds on March 3, 2021, to raise up to ₹1,000 crore. The issue will close on March 23.

The funds will be used for business growth and capital augmentation, it said in a statement on Friday, adding that the bonds offer up to 10.03 per cent yield.

The Fairfax and CDC Group-backed IIFL Finance will issue unsecured redeemable non-convertible debentures (NCDs), aggregating to ₹100 crore, with a green-shoe option to retain over-subscription up to ₹900 crore (amounting to a total of ₹1,000 crore).

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Digital process transformation

Rajesh Rajak, CFO, IIFL Finance, said, “Through a physical presence of 2,500 branches across India and a well-diversified retail portfolio, IIFL Finance caters to the credit needs of under-served population. The funds raised will be used to meet credit needs of more such customers and accelerate our digital process transformation.”

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

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Published on February 26, 2021

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