Month: September 2021

Induslnd Bank acquires 4.7% in McLeod to recovery dues, BFSI News, ET BFSI

Banking & Finance

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Kolkata: Private sector lender Induslnd Bank has acquired a 4.7% stake in debt-laden tea maker McLeod Russel India by invoking pledged shares for recovery of its dues.

In the stock exchange filing, the bank said pursuant to invocation of pledge of shares, it acquired 50,00,000 equity shares of McLeod Russel, forming 4.7% of paid-up equity share capital of the borrower company, a part of the financially stressed Williamson Magor group.

“The equity shares of McLeod Russel India held by lchamati Investments were pledged with the bank for securing the outstanding dues of McLeod Russel India (MRIL), the borrower company,” lnduslnd Bank said, adding it invoked the pledged shares for recovery of its dues from MRIL, one of the world’s largest tea producers.

In a major relief to the Khaitans-controlled Williamson Magor group, the National Company Law Tribunal (NCLT) earlier this month has given its approval to withdraw the Corporate Insolvency Resolution Process (CIRP) against McLeod after its promoters reached a settlement with Techno Electric & Engineering, one of its financial creditors.

In June, lnduslnd Bank had acquired 70,67,500 equity shares of McLeod, forming 6.7% of paid-up equity share capital of the borrower company, by invoking pledged shares also for recovery of its dues.

Apart from IndusInd Bank, other financial creditors to the company are Indian Bank, Axis Bank, HDFC Bank, ICICI Bank, State Bank of India, UCO Bank, Punjab National Bank, Yes Bank, RBL Bank and Standard Chartered Bank, among others.

Notably, promoter shareholding in McLeod at the end of the first quarter of this fiscal stood at 10.1%.



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Chinese banks try to calm fears about developer’s debts, BFSI News, ET BFSI

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Seeking to dispel fears of financial turmoil, some Chinese banks are disclosing what they are owed by a real estate developer that is struggling under $310 billion in debt, saying they can cope with a potential default.

The announcements came as Evergrande Group promised to talk with some individual investors who bought its debt while creditors waited to see whether Beijing will intervene to oversee a restructuring to prevent financial disruptions.

Evergrande‘s struggle to meet government-imposed debt limits has prompted fears a default might disrupt the Chinese economy or global financial markets. While ratings agencies say a default appears likely, economists say Beijing can prevent a credit crunch in China but wants to avoid bailing out Evergrande while it tries to force companies to reduce debt levels.

One of Evergrande’s biggest lenders, Zheshang Bank Co. said it is owed 3.8 billion yuan ($588 million) and has “sufficient collateral.”

“The overall risk is controllable,” the bank said in a written answer to questions on a website run by the Shanghai Stock Exchange. It said a “risk situation… will not have a significant impact” on the bank.

Others, including Shanghai Pudong Development Bank Ltd., gave no financial figures but said their lending was small, tied to individual projects and secured by claims to land. The Pudong bank said it was in “close communication” with Evergrande.

Changshu Rural Commercial Bank Co. in the eastern province of Jiangsu said it had 3.9 million yuan ($600,000) in outstanding loans to Evergrande, secured by land. The biggest state-owned commercial lenders including Industrial and Commercial Bank of China Ltd. didn’t respond to questions.

Evergrande was caught by stricter borrowing limits imposed on real estate last year by regulators who are trying to reduce surging debt levels the ruling Communist Party worries might drag on economic growth that already is in long-term decline.

Regulators have yet to say what Beijing might do, but economists say if the ruling party gets involved, it probably will focus on making sure families get apartments they already have paid for, rather than trying to bail out banks or other creditors.

Evergrande is one of China’s biggest private sector conglomerates, with more than 200,000 employees, 1,300 projects in 280 cities and assets of 2.3 trillion yuan ($350 billion). It owes creditors some 2 trillion yuan ($310 billion).

Other major developers such as Vanke Co., state-owned Poly Group and Wanda Group have not reported similar problems. But hundreds of smaller developers have shut down since regulators in 2017 started tightening control over financing.

On Friday, investors in Evergrande debt who gathered at its headquarters in the southern city of Shenzhen said the company agreed to hold a phone meeting with them. Dozens of police officers with six vehicles stood guard outside the building.

Evergrande said earlier it negotiated details of an interest payment due Thursday to banks and other bondholders in China but gave no details.

The company has yet to say whether it will make an $83.5 million payment that was due Thursday on a bond abroad. It has 30 days before it is declared in default, but economists say the company appears to be focused on repaying creditors within China.

Meanwhile, Evergrande is offering to repay some investors in its debt with apartments and other property.

The offer applies to investors who hold a total of about 40 billion yuan ($6 billion) of debt issued by its Evergrande Wealth unit. News reports say they usually are retail customers, employees of Evergrande contractors and the company’s own workforce.

Evergrande said Thursday investors can apply online for available properties.



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Reserve Bank of India – Press Releases

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In the underwriting auctions conducted on September 24, 2021 for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

(₹ crore)
Nomenclature of the Security Notified Amount Minimum Underwriting Commitment (MUC) Amount Additional Competitive Underwriting Amount Accepted Total Amount underwritten ACU Commission Cut-off rate
(paise per ₹ 100)
5.63% GS 2026 11,000 5,502 5,498 11,000 1.06
GoI FRB 2034 3,000 1,512 1,488 3,000 0.40
6.67% GS 2035 10,000 5,019 4,981 10,000 1.15
6.67% GS 2050 7,000 3,507 3,493 7,000 1.15
Auction for the sale of securities will be held on September 24, 2021.

Ajit Prasad
Director   

Press Release: 2021-2022/920

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Private bank deposits grow at cost of PSBs, now 30.5% of total deposits, BFSI News, ET BFSI

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Share of private sector banks in total bank deposits continued to rise at the cost of public sector banks and stood at 30.5 per cent (29.5 per cent a year ago), accounting for about half of the deposits of financial and non-financial corporations as well as the rest of the world sectors.

Bank deposits grew (y-o-y) by 11.9 per cent during the 2020-21 (8.8 per cent in the previous year) on the back of high growth in current account and savings account (CASA) deposits; the share of CASA deposits increased to 43.7 per cent in March 2021 (41.7 per cent a year ago), according to RBI data.

Private bank deposits grow at cost of PSBs, now 30.5% of total deposits

Households dominate

Among institutional categories, the household sector held 64.1 per cent share in total deposits; individuals, including Hindu Undivided Families (HUFs), were the major constituent of the household sector and contributed 55.8 per cent in aggregate deposits.

Bank deposits of non-financial corporations surged by 18.8 per cent during 2020-21 and their share in total deposits increased to 16.2 per cent in March-2021.

Metropolitan branches of banks, which account for over half of total deposits, accounted for 59.6 per cent of incremental deposits during 2020-21 (43.2 per cent last year).

Three major states (Maharashtra, UP and Karnataka) held one-third of total household sectors’ outstanding deposits and over 40 per cent of its incremental deposits during 2020-21, according to RBI.

Private bank deposits grow at cost of PSBs, now 30.5% of total deposits

Term deposits

With the downward shift in the interest rates on term deposits, the share of term deposits carrying less than 6 per cent interest rate surged to 69.0 per cent in March 2021 from 21.3 per cent a year ago; the interest rate bracket ‘5 to less than 6 per cent had highest concentration (36.8 per cent) of total term deposits.

The majority of term deposits were originally contracted for ‘one year to less than three years’ maturity.

The share of short-term deposits (original maturity of less than one-year) rose to 32.8 per cent (25.4 per cent a year ago); in terms of residual maturity, 75.7 per cent of the term deposits were due for maturity within one year.



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5 High Dividend Yield MNC Stocks 2021 From NSE MNC Index

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Vedanta: Dividend Yield is 9.35%

Vedanta, founded in 1965, is a Large Cap business in the Diversified sector with a market capitalization of Rs 111,367.21 crore. Only 3.89 percent of trading sessions in the last 16 years had intraday gains of more than 5%. In the fiscal year ended March 31, 2021, the company generated an ROE of 18.62 percent, surpassing its five-year average. 9.66% of the total population.

The stock returned 27.97 percent over three years, compared to 56.47 percent for the Nifty 100.

Since July 23, 2001, Vedanta Ltd. has declared 32 dividends. Vedanta Ltd. has issued an equity dividend of Rs 28.00 per share in the last 12 months. This calculates to a dividend yield of 9.35 percent at the current share price of Rs 299.60.

Sanofi India: Dividend Yield is 4.46%

Sanofi India: Dividend Yield is 4.46%

Sanofi India, founded in 1956, is a Mid Cap business in the Pharmaceuticals sector with a market capitalization of Rs 18,847.22 crore. Only 1.64 percent of trading sessions in the last 16 years had intraday gains of more than 5%. The stock gained 22.9 percent over three years, compared to 60.47 percent for the Nifty Midcap 100. Over a three-year period, Nifty Pharma Stock returned 22.9 percent, compared to Nifty Pharma, which returned 39.27 percent to investors.

Over the last three years, the company has maintained a respectable ROCE of 28.09 percent. The company is almost debt-free. In the last five years, the company has maintained effective average operating margins of 21.88 percent. Sanofi India’s EPS increased by 15.31%, which is a positive sign for the company.

Since May 17, 2001, Sanofi India Ltd. has declared 43 dividends. Sanofi India Ltd. has declared an equity dividend of Rs 365.00 per share in the last 12 months. This calculates to a dividend yield of 4.46 percent at the current share price of Rs 8183.55.

Castrol India: Dividend yield is 5.67%

Castrol India: Dividend yield is 5.67%

Castrol India Ltd., founded in 1979, is a Mid Cap business in the Petrochemicals industry with a market capitalization of Rs 13,961.46 crore. Only 1.49 percent of trading sessions in the last 14 years had intraday gains of more than 5%. The company has enough cash on hand to cover its contingent liabilities. The stock returned -9.55 percent over three years, compared to 60.47 percent for the Nifty Midcap 100.

The company has paid 44 dividends to shareholders since August 8, 2000. In the previous 12 months, Castrol India Ltd. distributed an equity dividend of Rs 8.00 per share. At the present share price of Rs 141.15, this works out to a 5.67 percent dividend yield.

Ambuja Cements: Dividend Yield is 4.29%

Ambuja Cements: Dividend Yield is 4.29%

Ambuja Cements, founded in 1981, is a Large Cap firm in the Cement Industry with a market capitalization of Rs 83,307.75 crore. Only 1.79 percent of trading sessions in the last 16 years had intraday gains of more than 5%. The stock returned 86.07 percent over three years, compared to 56.47 percent for the Nifty 100 index. Over a three-year period, the stock returned 86.07 percent, compared to 56.38 percent for the Nifty Infrastructure index.

Since August 30, 2000, Ambuja Cements has paid out 40 dividends. Ambuja Cements Ltd. distributed an equity dividend of Rs 18.00 per share in the previous 12 months.

The dividend yield is 4.29 percent based on the current share price of Rs 419.55.

Oracle Financial Services: Dividend yield is 4.26%

Oracle Financial Services: Dividend yield is 4.26%

Oracle Financial Services Software, founded in 1989, is a Large Cap business in the IT Software sector with a market capitalization of Rs 40,461.66 crore. Only 2.32 percent of trading sessions in the last 16 years had intraday gains of more than 5%. Since the last five years, the company has had no debt. The company’s QoQ revenue increase was 13.76 percent, the best in the prior three years. In comparison to the Nifty 100, which returned 56.47 percent over three years, the stock returned 16.48 percent. Over a three-year period, the stock returned 16.48 percent, while the Nifty IT returned 127.91 percent to investors.

Since August 27, 2002, Oracle Financial Services Software Ltd. has announced 12 dividends. Oracle Financial Services Software Ltd. distributed an equity dividend of Rs 200.00 per share in the last 12 months. With a share price of Rs 4698.05, this equates to a 4.26 percent dividend yield.

5 High Dividend Yield MNC Stocks In India 2021

5 High Dividend Yield MNC Stocks In India 2021

Name Sector Price Dividend Yield
Vedanta Mining & Mineral products 295.80 9.35%
Castrol India Chemicals 140.85 5.67%
Oracle Financial Services IT – Software 4,839.90 4.26%
Sanofi India Pharmaceuticals 8,171.20 4.45%
Ambuja Cements Cement 415.85 4.29%

Disclaimer

Disclaimer

The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advice to buy or sell stocks, gold, currency, or other commodities. Investors should certainly not take any trading and investment decision based only on information discussed on GoodReturns.in We are not a qualified financial advisor and any information herein is not investment advice. It is informational in nature. All readers and investors should note that neither Greynium nor the author of the articles, would be responsible for any decision taken based on these articles.



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IndusInd Bank buys 4.79 per cent stake McLeod Russel

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lnduslnd Bank on Thursday said that it has acquired a 4.79 per cent stake in debt-laden bulk tea manufacturer McLeod Russel India by invoking pledged shares for recovery of its dues.

“We wish to inform that the bank had today, i.e., September 23, 2021, 23, 2021, pursuant to invocation of pledge of shares, acquired 50,00,000 equity shares of McLeod Russel India Ltd,” the bank said in a regulatory filing to stock exchanges.

The equity shares of McLeod Russel India held by lchamati Investments were pledged with the bank for securing the outstanding dues of Mcleod Russel India (MRIL), the borrower company, lnduslnd Bank said, adding it invoked the pledged shares for recovery of its dues from MRIL.

Liquidity constraints

The 152-year old BM Khaitan group company, McLeod Russel, touted to be one of the largest bulk tea makers in the country, recently came out of the clutches of insolvency following a settlement with its financial creditor Techno Electric & Engineering. The company started facing liquidity issues in early 2018 and the company’s board decided to dispose off some of its estates to repay the debt.

In June, lnduslnd Bank had acquired 70, 67, 500 equity shares of McLeod, forming 6.77 per cent of paid-up equity share capital of the borrower company, by invoking pledged shares also for recovery of its dues.

Some of the other financial creditors to the company include Indian Bank, Axis Bank, HDFC Bank, ICICI Bank, State Bank of India, UCO Bank, Punjab National Bank, Yes Bank, RBL Bank and Standard Chartered Bank .

The promoter shareholding in McLeod at the end of the first quarter this fiscal stood at 10.07 per cent.

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Will RBI announce G-SAP 3.0?

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The Reserve Bank of India (RBI) has given a twist to its Operation Twist exercise, subsuming purchase of longer tenor Government Securities (G-Secs) under the G-Sec Acquisition Programme (G-SAP) 2.0 and simultaneously selling short-term G-Secs under open market operation (OMO).

Under the first such exercise conducted on Thursday, market participants tendered three G-Secs/ GS – 7.17 per cent GS 2028; 6.10 per cent GS 2031; and 6.64 per cent GS 2035 – aggregating ₹78,841 crore against the notified amount of ₹15,000 crore. The RBI purchased G-Secs aggregating ₹15,001 crore.

Simultaneously, the RBI sold three short-tenor G-Secs, all maturing in 2022, but carrying different coupon rates (8.15 per cent, 8.08 per cent and 8.13 per cent) under OMO sale.

Bids received

As against the notified amount of 15,000 crore, the RBI received bids aggregating ₹41,550. It accepted bids aggregating ₹15,000 crore.

Under special OMOs (operation twists) that the RBI usually conducts, the notified amounts for the purchase and sale legs are equal and, therefore, intended to be liquidity neutral. These are aimed at lowering longer-term interest rates, thereby reducing the term premium. Meanwhile, the RBI, on Thursday, said it will conduct the second quarter’s last tranche of G-Sec purchase – 7.26 per cent GS 2029; 6.10 per cent 2031; and 6.64 per cent GS 2035 – under G-SAP 2.0 aggregating ₹15,000 crore on September 30.

Simultaneously, the central bank will sell short-term G-Secs (all maturing in 2022, but carrying different coupon rates – 8.15 per cent, 8.08 per cent and 8.13 per cent – for ₹15,000 crore.

With the last tranche of G-Sec purchase under G-SAP 2.0, the RBI will complete open market purchase of G-Secs aggregating ₹1.20-lakh crore for the second quarter.

Now, all eyes will be on the RBI as to whether it will announce G-SAP 3.0 for the third quarter to infuse liquidity into the banking system so that banks subscribe to G-Sec auctions.

The RBI Governor Shaktikanta Das, in his August 6 statement, said: “It is necessary to have active trading in all segments of the yield curve for its orderly evolution. Our recent G-SAP auctions that have focussed on securities across the maturity spectrum are intended to ensure that all segments of the yield curve remain liquid.

“Furthermore, our options are always open to include both off the run and on the run securities in the G-SAP auctions and operation twist. It is expected that the secondary market volumes would pick up and market participants take positions that lead to two-way movements in yields.”

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Amazon pumps in ₹450 crore into payment unit in India

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Amazon Pay India Private Limited, the online payment business of e-commerce giant Amazon, has raised ₹450 crore from Amazon Corporate Holdings Private Limited, Singapore, and Amazon.com Inc Limited, Mauritius.

According to documents submitted by the payments company to the Ministry of Corporate Affairs, the bulk of the funding have come from Amazon Corporate Holdings Private Limited, Singapore. The documents reviewed by BusinessLine was sourced from Tofler.

For the said equity, the two companies have purchased 45 crore shares at a nominal amount of ₹ 10 each.

In May, BusinessLine had reported that Amazon Pay received fresh funding of ₹225 crore.

Earlier this month, Amazon Pay, which is competing against search-engine giant Google’s payments arm Google Pay said that it had managed to acquire five crore customers in India who are using its UPI platform.

Mahendra Nerurkar, CEO and VP Amazon Pay, claimed that customers are using the Amazon app to pay at 2 crore local shops by scanning any UPI QR code.

“In the last one year, over 75 per cent of our customers using Amazon UPI are from tier-2 and -3 cities, showing the growing reach of UPI,” the company claimed.

Amazon Pay allows its customers to recharge their phone, DTH, send money to contacts, pay salaries to household help, pay for shopping on Amazon.in. It has even extended the services for customers who want to open their fixed deposits.

Also read: Majority of consumers looking to buy 5G compatible smartphones: Amazon survey

Amazon Inc has been pumping money into its Indian entity. Amazon India had raised ₹ 915 crore from its holding company, Amazon Corporate Holdings Private Limited and Amazon.com.incs Limited Company.

Since 2013, Amazon Inc. has committed to invest around $6.5 billion in its Indian operations. In the recent past, Amazon has announced the expansion of its operations network in India. It plans to set up 10 new fulfilment centres, 5 new sortation centres, nearly 200 delivery stations, and over 1 lakh seasonal jobs to help meet customer demand.

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Reserve Bank of India – Press Releases

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(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 406,772.28 3.29 0.01-5.15
     I. Call Money 9,795.87 3.22 1.95-3.40
     II. Triparty Repo 305,827.45 3.30 3.00-3.32
     III. Market Repo 90,783.96 3.25 0.01-3.40
     IV. Repo in Corporate Bond 365.00 4.25 3.50-5.15
B. Term Segment      
     I. Notice Money** 305.90 3.13 2.75-3.40
     II. Term Money@@ 97.00 – 3.10-3.45
     III. Triparty Repo 0.00 – –
     IV. Market Repo 56.80 3.10 3.10-3.10
     V. Repo in Corporate Bond 785.00 3.58 3.50-5.35
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo Thu, 23/09/2021 1 Fri, 24/09/2021 342,644.00 3.35
    (iii) Special Reverse Repo~          
    (iv) Special Reverse Repoψ          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF Thu, 23/09/2021 1 Fri, 24/09/2021 103.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -342,541.00  
II. Outstanding Operations
1. Fixed Rate          
    (i) Repo          
    (ii) Reverse Repo          
    (iii) Special Reverse Repo~ Thu, 09/09/2021 15 Fri, 24/09/2021 6,937.00 3.75
    (iv) Special Reverse Repoψ Thu, 09/09/2021 15 Fri, 24/09/2021 2,513.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Thu, 09/09/2021 15 Fri, 24/09/2021 350,015.00 3.41
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo Tue, 21/09/2021 3 Fri, 24/09/2021 50,006.00 3.40
  Tue, 21/09/2021 7 Tue, 28/09/2021 100,001.00 3.42
3. MSF          
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
  Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00
  Mon, 30/08/2021 1095 Thu, 29/08/2024 50.00 4.00
  Mon, 13/09/2021 1095 Thu, 12/09/2024 200.00 4.00
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00
Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00
Thu, 15/07/2021 1093 Fri, 12/07/2024 750.00 4.00
Tue, 17/08/2021 1095 Fri, 16/08/2024 250.00 4.00
Wed, 15/09/2021 1094 Fri, 13/09/2024 150.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       25,395.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -399,384.20  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -741,925.20  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 23/09/2021 610,312.55  
     (ii) Average daily cash reserve requirement for the fortnight ending 24/09/2021 625,660.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 23/09/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 27/08/2021 1,140,445.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
£ As per the Press Release No. 2021-2022/181 dated May 07, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021.
Ajit Prasad
Director   
Press Release: 2021-2022/919

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IIFL Finance to raise up to Rs 1,000cr, BFSI News, ET BFSI

Personal Finance

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Fairfax-backed IIFL Finance plans to raise a Rs 1,000-crore public issue of secured bonds on September 27 for business growth and capital augmentation. The bonds offer up to 8.75% yield and are rated AA/Stable by Crisil and AA+/negative by Brickwork. The size of the issue is Rs 100 crore, with a green-shoe option to retain over-subscription up to Rs 900 crore (aggregating to a total of Rs 1,000 crore).

In addition to the coupon, the company will offer an incentive of 0.25% per annum for existing bond or equity shareholders. The NCD is available in tenors of 24, 36 and 60 months. The frequency of interest payment is available on a monthly, annual and at maturity basis for the 60-month tenor, while for other tenors it is available on an annual and at maturity basis.

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

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