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