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IIFL to raise Rs 500 crore in debt via NCD issue

The NCDs to be in the form of subordinated debt, to be eligible for Tier-II capital`

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Financial services firm India Infoline Finance today said it will raise up to Rs 500 crore debt through a non-convertible debenture (NCD) issue.

The issue comprises a base issue of un-secured redeemable NCDs with a face value of Rs 1,000 each aggregating up to Rs 250 crore with an option to retain over-subscription of similar amount, aggregating to a total of Rs 500 crore, the company said in a statement here.

The NCDs will be in the nature of and will be eligible for tier-II capital, it added.

The firm did not specify when the issue, which has a AA-(stable) rating from both Crisil and Icra, will open.

The NCDs will be listed on the BSE and NSE.

The lead managers to the issue are Axis Bank, SBI Capital Markets, Edelweiss Financial Services, Trust Investment Advisors and India Infoline, while co-lead managers are RR Investors.

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