IIFL Finance – Raises Funds Via NCD

On June 6, 2023, IIFL Finance Ltd Secured Redeemable Non-Convertible Debentures of the face value of Rs 1,000 Each (“NCDs” or “Debentures”) for an amount of Rs 300 crore (“Base Issue Size”) with a green shoe option up to Rs 1,200 crore aggregating to Rs 1,500 crore (“Tranche II Issue”) which is within the Shelf Limit of Rs 5,000 crore. 

The face valve of IIFL bonds will be 1,000, and the minimum application size across all categories will be 10,000. The company also said that the public offering will begin on June 9, 2023, and end on June 22, 2023. Furthermore, the allocation will be done on a first-come, first-served basis. 

The funds raised will be used to meet the credit needs of customers and accelerate the firm’s digital process transformation to enable a frictionless experience. For a tenure of 60 months, the bonds offer an effective yield of 9% per annum and the NCD is available in tenures of 24 months, 36 months, and 60 months. 

IIFL Finance offers a diverse product spectrum comprising home loans, gold loans, business loans including loans against property and MSME financing, microfinance, construction and real estate, and capital markets finance. With a strong foundation, retail-focused strategy, and transparent and ethical business operations, the company continues to deliver excellent service offerings and sustainable growth.  

Today, the share of IIFL Finance Ltd opened at Rs 482.40 and has touched a high and low of Rs 482.45 and Rs 478.75, respectively. So far 39,485 shares have been traded on the bourses.        

At the time of writing, the shares of IIFL Finance Ltd were trading at Rs 482.05, an increase of 1.12% from the previous day’s closing price of Rs 476.70 on BSE. The stock has a 52-week high and low of Rs 482.45 and Rs 478.75 respectively on BSE.