IIFL Finance board OKs raising Rs 1,500-cr via rights issue

The non banking financial company (NBFC) announced that its board has approved the proposal of raising funds for an amount not exceeding Rs 1,500 crore by way of issue of equity shares on a right basis.

The funds will be raised through issue of equity shares by way of rights issue basis to its existing eligible shareholders as on the record date (to be fixed in due course).

The firm stated that detailed terms in relation to the right issue will be determined and intimated in due course.

Further, the companys board has approved to raising of funds through issue of non-convertible debentures (NCDs) on a private placement basis upto Rs 500 crore. These debentures are proposed to be listed on the NSE.

IIFL Finance, a leading retail-focused NBFC in India, offers loans and mortgages through its subsidiaries. With a wide range of products and a vast customer base, they operate across India through branches and digital channels.

The companys consolidated net profit surged 29.64% to Rs 490.44 crore on 25.64% increase in revenue from operations stood to Rs 2,694.36 crore in Q3 FY24 over Q3 FY23.

The scrip fell 1.35% to trade at Rs Rs 378.75 on the BSE.

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