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IIFL Finance to increase up to `2,000 crore through NCDs

IIFL Finance to  increase up to `2,000 crore  through NCDs

New Delhi: IIFL Finance Friday said it plans to raise up to Rs 2,000 crore through public offer of debentures to fund business growth.

The non-convertible debentures will offer highest yield of 10.50 per cent for individual and other categories, and 10.35 per cent for institutional category, for tenor of 120 months with frequency of monthly and annual payment, CEO Sumit Bali said.

The other tenors offered are for 39 months and 60 months, he said adding that the non-convertible debentures (NCDs) would be issued at face value of Rs 1,000 each and the minimum application size is Rs 10,000 across all categories.

The public issue opens on January 22 and closes on February 20 with an option of early closure. The allotment will be made on first come, first served basis.

IIFL Finance will issue secured and unsecured NCDs, aggregating to Rs 250 crore, with a green-shoe option to retain over-subscription up to Rs 1,750 crore aggregating to a total of Rs 2,000 crore, Bali said.

The proceeds of the issue may be utilised during the current fiscal itself across various business segments of the company, he said.

PTI

PTI

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