Latest News | IIFL Finance to Raise Rs 1,500 Cr in Debt

Mumbai, Jun 6 (PTI) Leading non-bank lender IIFL Finance is tapping the debt market to raise up to Rs 1,500 crore by selling NCDs, offering up to 9 per cent in return to investors.

The debt raising through a public issue, will be launched on June 9, and the proceeds will be used for business growth and capital augmentation, the Prem Watsa-led Fairfax Holding-backed company said in a statement on Tuesday.

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The primary issue of secured redeemable non-convertible debentures (NCDs) is for Rs 300 crore, with a green-shoe option to retain over-subscription of up to Rs 1,200 crore, totalling Rs 1,500 crore, offering up to 9 per cent for a 60-month tenor.

The bonds are also available in 24 months, 36 months tenors. The interest will be paid annually, on a maturity basis and with a monthly option for 60-month tenure, group chief financial officer Kapish Jain said.

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The funds raised will be used to meet the credit needs of customers and accelerate the company's digital process transformation to enable a frictionless experience, he added.

In April, it repaid USD 400 million of dollar bonds, raised in February 2020.

IIFL Finance is among the largest retail-focused financial services companies and is present across 4,000 branches. Its loan book stood at Rs 64,638 crore in March 2023, 95 per cent of which, is retail.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)