 "IIFL Finance board to consider fundraise on March 13 after RBI clampdown")
The board of IIFL Finance Ltd will meet on 13 March 2024 to consider a proposal to raise funds by issuance through instruments like equity shares, convertible bonds, debentures and any other equity-linked securities.
The finance company, in a filing with the Bombay Stock Exchange (BSE), said the fund-raising instruments would be issued through permissible modes including by way of a rights issue, private placement, preferential issue, or any other methods. This is subject to such regulatory, statutory and shareholders’ approval. Its stock closed 9.82 per cent higher at Rs 420.40 per share on BSE.
On Wednesday, IIFL Finance had said that Fairfax India, its long-standing investor, had agreed to invest up to $200 million of liquidity support on terms to be mutually agreed upon and subject to applicable laws and regulations.
This commitment from Fairfax to provide liquidity support came amidst the recent Reserve Bank of India (RBI) embargo effective 5 March 2024, on the company's gold loan disbursements. The RBI's embargo has raised liquidity concerns amongst the company’s investors and lenders.
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