 "IIHFL plans to raise up to Rs 200 crore via NCDs")
NCDs (Non-Convertible Debentures) are loan-linked bonds issued by a company that cannot be converted into stock and usually offer higher interest rate than that of convertible debentures.
The NCD issue is aggregating up to Rs 100 crore with an option to retain over-subscription up to Rs 100 crore for issuance of additional NCDs aggregating to a total of up to Rs 200 crore, as per draft prospectus available with the National Stock Exchange (NSE).
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The capital garnered through the issue would be utilised for the company's various financing activities including lending and investments. Besides, funds would be used to repay existing loans and to meet working capital requirements.
IIHFL is the housing finance arm of diversified financial services company India Infoline.
Axis Capital, India Infoline and Trust Investment Advisors are the lead managers to the issue. The NCD issue would be listed on the NSE and BSE.
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