IIFL Holdings to raise Rs 2,000 cr to shore long-term capital

IIFL Holdings will seek shareholders' nod to raise Rs 2,000 crore through issuance of non-convertible debentures on private placement basis to shore up long-term capital.
The approval of the shareholders will be sought in the Annual General Meeting on July 29.
"Pursuant to the provisions of Companies Act...Approval of the members is hereby accorded to the Board of Directors of the Company to offer or invite subscriptions for secured/unsecured redeemable non-convertible debentures, in one or more tranches up to Rs 2,000 crore on private placement basis," it said.
The company wants to augment long-term resources for financing the ongoing capital expenditure and for general corporate proposes, it added.

The approval of the members is being sought by way of a special resolution to enable the company offer or invite subscriptions of NCDs.
The company said the amount will be raised during one year period from the date of passing of the resolution, which will be within the overall borrowing limits of the company.
IIFL Holdings stock closed 1.06 per cent down at Rs 220.35 on BSE on Tuesday. The market is closed today to celebrate Id-Ul-Fitr.