IIFL Finance to raise up to Rs2,000 crore via bonds
The IIFL bonds offer highest yield of 10.50 percent per annum for individual and other categories, and 10.35 percent for institutional category, for tenor of 120 months.
India Infoline Finance Limited (IIFL Finance), a subsidiary of IIFL Holdings Limited, will open a public issue of bonds on January 22 to raise up to Rs2,000 crore for business growth and expansion.
The non-banking financial company will issue \"secured and unsecured redeemable non-convertible debentures (NCDs), aggregating to Rs250 crore, with a green-shoe option to retain over-subscription up to Rs1,750 crore (aggregating to a total of Rs2,000 crore),\" the company said in a press release.
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The IIFL bonds offer highest yield of 10.50 percent per annum for individual and other categories, and 10.35 percent for institutional category, for tenor of 120 months with frequency of monthly and annual payment. The other tenors offered are for 39 and 60 months, the company added.
\"Through our strong physical presence of 1,755 branches across India and a well-diversified portfolio, we are able to meet the credit requirement of various segments of under-served population. The funds raised will help us in expanding our operation in more such areas,\" Sumit Bali, CEO, IIFL Finance said.
Rating agency CRISIL has rated the scheme as AA/Stable, indicating that these are considered to have a high degree of safety for timely servicing of financial obligations and carry very low credit risk.
