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IIFL Finance plans to raise Rs 1,000 crore via non-convertible debentures

The public issue of bonds will open on Tuesday and will close on August 30

BS Reporter 

bond, debt fund
Illustration by Ajay Mohanty

IIFL Finance on Monday said that it plans to raise Rs 1,000 crore via non-convertible debentures (NCDs) in order to expand. The public issue of bonds will open on Tuesday and will close on August 30. The bonds will offer a yield of upto 10.5 per cent. The company will issue both secured and unsecured NCDs aggregating to Rs 100 crore, with a greenshoe option to retain over-subscription to Rs 900 crore.

Edelweiss Financial Services, ICICI Securities, and Trust Advisors are the lead managers for the issue of the NCDs.

Speaking on the avenues of funding, Sumit Bali, CEO, IIFL Finance said, they have considerably reduced their dependence on commercial papers and exploring other avenues of funding like NCDs, offshore funds via external commercial borrowing and others.

The management is looking to scale down their exposure to developers and increase their retail business as they see growth in the retail business.

First Published: Tue, August 06 2019. 00:52 IST
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