Mumbai, Jan 3 (PTI) Non-Banking Financial Company IIFL Finance on Tuesday said it will raise up to Rs 1,000 crore through a public issue of secured non-convertible debentures (NCDs).

The funds raised through the issue will be used for business growth, IIFL Finance said in a statement, adding that the public issue opens on January 6 and closes on January 18, 2023, with an option of early closure.

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Fairfax-backed IIFL Finance will issue secured redeemable NCDs, aggregating to Rs 100 crore, with a green-shoe option to retain oversubscription up to Rs 900 crore (aggregating to a total of Rs 1,000 crore).

"Through a diversified multi-channel distribution network and a strong physical presence of over 3,700 branches across India, IIFL Finance caters to delivering small loans to sound under-banked people and enterprises in India. The funds raised will be used to meet the credit needs of more such customers," IIFL Finance CFO Kapish Jain added.

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(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)