IIFL Finance bonds issue to close early on October 8 due to strong demand

IIFL Finance said on Thursday it will close its retail bond issuance ten days early on Friday, after its base issue was oversubscribed 7.5 times.

The company’s base issue was of Rs 100 crore with an oversubscription option of another Rs 900 crore. But the Fairfax -backed non-banking financial company said it will stop at Rs 750 crore. IIFL Finance received the bids within 9 working days since the issue opened on September 27. The original plan was to end the issuance on October 18.

IIFL Finance will use the capital for business growth and capital augmentation.

Rajesh Rajak, CFO of IIFL Finance said in a statement that the firm saw “overwhelming response across all categories– retail, individual, corporate and institutional,” for the issuance.