Tag: raise up

IIFL Finance to raise up to ₹1,000 crore through secured bonds

Banking & Finance

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IIFL Finance will raise upto ₹1,000 crore through a public issue of secured bonds.

“Fairfax -backed IIFL Finance will issue secured redeemable non-convertible debentures, aggregating to ₹100 crore, with a green-shoe option to retain over-subscription up to ₹900 crore,” it said in a statement on Thursday, adding that the funds will be used business growth and capital augmentation.

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

The public issue opens on September 27 and closes on October 18 with an option of early closure. The allotment will be made on first come first served basis.

Yield offered

The bonds offer up to 8.75 per cent yield for tenor of 60 months. The company will also offer an incentive of 0.25 per cent per annum for existing bond or equity shareholders of the company.

The NCD is available in tenors of 24 months, 36 months and 60 months.

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

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Indiabulls Housing Finance to raise up to ₹1,000 cr via NCDs

Banking & Finance

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Indiabulls Housing Finance (IBHFL) is planning to raise up to ₹1,000 crore via secured and/or unsecured, redeemable, non-convertible debentures (NCDs).

The coupon rate for high net-worth individuals (HNIs/category III investors) and retail (category IV) investors investing in the NCDs ranges from 8.42 per cent to 9.75 per cent, depending on tenor, frequency of interest payment and whether the NCD is secured or unsecured.

In the case of institutional (category I) investors and non-institutional (category II) investors (companies, statutory bodies/corporations/co-operative banks and regional rural banks), the coupon rate ranges from 8.05 per cent to 9.25 per cent.

Base size and minimum application

The base issue size of IBHFL’s NCD issue is ₹200 crore, with an option to retain over-subscription upto ₹800 crore. The issue opens on September 6, 2021 and closes on September 20, 2021.

The minimum application amount is ₹10,000 (10 NCDs). This investment can be made across all 10 series. Investments beyond the minimum application amount can be made in multiples of ₹1,000 (one NCD). The NCDs are proposed to be listed on the NSE and the BSE.

IBHFL said at least 75 per cent of the funds raised through the tranche I issue will be used for the purpose of onward lending, financing, and for repayment of interest and principal of existing borrowings of the company.

The balance is proposed to be utilised for general corporate purposes, subject to such utilisation not exceeding 25 per cent of the amount raised in the tranche I issue, it added.

The unsecured NCDs are in the nature of subordinated debt and will be eligible for tier II capital.

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