For raising ₹1,000 crores, IIFL Finance will open a public issue of bonds on March 3, 2021. In its statement on Friday, the company announced that the funds will be utilized for business growth and capital development, further adding that the bonds offer up to 10.03% yield. The issue will close on March 23, 2021.

 

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IIFL Finance which is backed by the Fairfax and CDC Group will issue unsecured redeemable non-convertible debentures (NCDs), which will aggregate to ₹100 crores, having a green-shoe option to retain over-subscription up to ₹900 crores, thus amounting to a total of ₹1,000 crores. According to a statement made by Rajesh Rajak, CFO, IIFL Finance, having a physical presence of 2,500 branches in India and a well-diversified retail portfolio, IIFL Finance caters to the credit needs of the under-served population. The raised funds will be used to fit the credit needs of even more such customers and accelerate the digital process transformation.

IIFL Securities, Edelweiss Financial Services, and Equirus Capital are the lead managers to the issue. These non-convertible debentures will be listed in the BSE and NSE.

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