Page 5 - Iifl

IIFL Samasta maiden retail bond offer for Rs 1,000 cr opens tomorrow

IIFL Samasta Finance's maiden retail bond offer that will open for subscription on Monday plans to raise Rs 1,000 crore to fund its business growth. The fund raised through the public issue of non convertible debentures (NCDs) would be utlised for the purpose of business growth and capital augmentation, IIFL Samasta Finance said in a statement on Sunday. The non-banking microfinance company (NBFC-MFI) will issue bonds, aggregating to Rs 200 crore, with a green shoe option to retain over-subscription of up to Rs 800 crore (aggregating to a total of Rs 1,000 crore). The bonds, which closes for subscription on December 15, propose to offer the highest coupon rate of 10.50 per cent per annum for a tenor of 60 months. NCD is available in tenors of 24 months, 36 months and 60 months. The frequency of interest payment is available on monthly and annual basis for each of the series.

IIFL Samasta to raise Rs 1,000 cr via bonds, offers 10.50% return per annum

IIFL Samasta Finance on Friday said it plans to raise up to Rs 1,000 crore through its maiden public issue of non convertible debentures (NCDs), for the purpose of business growth and capital augmentation. The non-banking microfinance companies (NBFC-MFI) will issue bonds, aggregating to Rs 200 crore, with a green shoe option to retain over-subscription of up to Rs 800 crore (aggregating to a total of Rs 1,000 crore). The bonds, which opens for subscription on Monday, proposes to offer highest coupon rate of 10.50 per cent per annum for tenor of 60 months. NCD is available in tenors of 24 months, 36 months and 60 months. The frequency of interest payment is available on monthly and annual basis for each of the series. The company caters to the credit needs of underserved and unserved population, primarily women entrepreneurs from underprivileged background through a well-diversified portfolio through a network of 1,500 branches, IIFL Samasta Finance MD and CEO Venkatesh N said. Th

ER&D software firms navigate Q2 bends with growth arrows in sight

BCG and Nasscom's signposts point to 8-9% annual growth through 2030, India's share to take express lane

IIFL Finance Q2 result: Consolidated net profits up 32% YoY, income up 23%

IIFL Finance Limited standalone net profits fell by 38% Rs 136.7 crore, compared to Rs 220.47 last year

IIFL Fintech Funds marks first exit after selling stake in TrustCheckr

IIFL Fintech Fund was established in August 2021, with a corpus of Rs 210 crore and sponsorship from two group companies - IIFL Finance and IIFL Securities

FMCG cos push cart of margin worries made heavy by commodity cost pick-up

A subpar monsoon in one year is unlikely to cause a meaningful dent in major cereal production, a spike in inflation, or a deceleration in FMCG growth, says IIFL Research

IIFL Fintech Fund buys 51% in supply chain platform Xtracap for Rs 25 cr

IIFL Group's early-stage investment vehicle IIFL Fintech Fund has invested a reported Rs 25 crore for a 51 per cent stake in a supply-chain finance platform, Xtracap Fintech. This is the fund's first investment in a supply chain finance firm, the company said in a statement without disclosing any financial details of the transaction. But sources told PTI that they have picked up 51 per cent for Rs 25 crore, valuing Xtracap at Rs 50 crore. Xtracap offers e-invoice financing that allows businesses to unlock value of their invoices in real-time, providing instant liquidity. Its dual app serves both downstream and upstream channel financing needs. By using invoices and receivables as collateral, financing facility is made available. IIFL Fintech Fund was launched in August 2021 with a corpus of Rs 210 crore and has since invested in Trendlyne, Leegality, Finbox, Datasutram, Multipl, Finarkein, Trustcheckr, Finvu, Insurance Samadhan and Easyrewardz.

Toast to margins, demand recovery: Liquor firms see buzz after sober Q1

Reversal of fortunes could lift the industry's spirits

ADIA-backed IIFL Home Finance raises nearly $100 million from IFC

Pegs total fund requirement upto Rs 14,000 cr in Fy24

Fairfax sells 5.9% stake in IIFL Securities for Rs 118 cr via open market

Canadian billionaire Prem Watsa-backed Fairfax Group on Wednesday pared a 5.9 per cent stake in brokerage firm IIFL Securities for Rs 118 crore through open market transactions. Hamblin Watsa Investment Counsel Ltd (HWIC) Asia Fund, an affiliate of Fairfax Financial Holdings, offloaded shares of IIFL Securities in two transactions on NSE and BSE. Hamblin Watsa Investment Counsel Ltd A/C HWIC Asia Fund Class A Shares offloaded 1.20 crore shares on NSE and 60 lakh shares on BSE, amounting to a 5.9 per cent stake in IIFL Securities, as per the block and bulk deal data available with the NSE and BSE. The shares were disposed of in the price range of Rs 65.45-65.67 apiece, taking the combined transaction value to Rs 117.94 crore. Post the transaction, Fairfax's shareholding in IIFL Securities declined to 3.38 per cent from 9.28 per cent at the end of June quarter. Meanwhile, Theleme India Master Fund Ltd acquired 80 lakh shares, Zafar Ahmadullah bought 40 lakh shares on the NSE, while

IIFL Finance profit rises 43% to Rs 473 cr in Q1 on higher loan growth

IIFL Finance on Thursday reported a 43 per cent growth in net income to Rs 473 crore for the June 2023 quarter on higher loan growth led by gold and home finance. While gold loans grew 29 per cent, home finance jumped 23 per cent, and microfinance loans soared 63 per cent, and loans against property grew 54 per cent, pushing the overall loan sales by 31 per cent to Rs 68,178 crore, of which off-book assets stood at Rs 26,663 crore, up 45 per cent, the company said in a statement. Its income rose 21 per cent year-on-year to Rs 1,420 crore, the company said. Reflecting the industry trend, the company also saw its asset quality improving, with gross NPAs falling to 1.8 per cent from 2.6 per cent for the reporting quarter and net NPAs improving to 1.1 per cent from 1.5 per cent. Its provision coverage for bad loans stood at 159 per cent. The company's average borrowing cost increased by 44 bps to 9.1 per cent. As much as 96 per cent of loans are retail and 67 per cent of them (exclud

IIFL Securities says 80 companies have lined up initial public offerings

As many as 80 companies, including India First Life Insurance, Snapdeal, Tata Technologies, Netweb Technologies and Go Digit Insurance, have lined up Initial Public Offerings (IPOs), brokerage firm IIFL Securities' President Nipun Goel said on Thursday. According to him, the IPO market has been fairly active over the last three months. and was kick-started by Mankind Pharma with its Rs 4,326 crore-offer that was very well received by investors and importantly, the shares traded strong post listing. Since then, Goel said, five more IPOs have been successfully completed and there is an expectation for a number of IPOs to be launched in the next 4-8 weeks. "As of date, there are approximately 80 companies wherein draft offer documents have been filed with regulator Sebi and we expect several of them to tap the market over the next couple of months," Goel said. He noted that capital raising is expected to be broad-based across multiple sectors, including financial services, healthcare

SAT stays Sebi's order restraining IIFL Securities from taking new clients

In an interim relief to IIFL Securities, the Securities Appellate Tribunal (SAT) has stayed market regulator Sebi's order that banned the broking house from onboarding new clients for two years. The order came after IIFL Securities, earlier known as India Infoline Ltd, filed an appeal against the order passed by the Securities and Exchange Board of India (Sebi). In an order uploaded on its website on Wednesday, the appellate tribunal has stayed the order passed by Sebi. The matter has been listed for final disposal on August 23. The capital markets regulator, on June 19, prohibited IIFL Securities from taking up new clients for two years for alleged mis-utilisation of client funds. In its order, Sebi found that IIFL failed to segregate its own funds from clients' funds, misused the funds of its credit balance clients for settlement of its proprietary trades as well as the trades of its debit balance clients from April 2011 to June 2014, and the said violations were again noticed .

IIFL Securities to approach SAT against Sebi order on taking up new clients

The statement comes after the capital markets regulator Sebi on Monday barred IIFL Securities from onboarding new clients for two years for alleged mis-utilisation of client funds

SEBI can't afford to be reactive, says order in IIFL Securities matter

SEBI said the notice has violated the provisions of SEBI 1993 Circular in various ways to clearly disregard the basic premise of the said circular both in letter and spirit

Sebi bans IIFL Securities from onboarding any new clients for two years

IIFL had, reportedly, used credit-balance client accounts to settle proprietary-trade obligations between April 2011 and January 2017

Sebi bans IIFL Securities from signing new broking clients for 2 years

The company will appeal SEBI's order, said an official who declined to be named as the person is not authorised to speak to the media

Funding in Indian fintech down 40% in 2022, says IIFL Fintech report

The country has over 9,500 fintech companies operating in the country

IIFL Finance keen to raise more funds through bond market, says CFO

As on March 31, the company's total borrowing stood at nearly 40 billion rupees ($485.07 million). Its borrowing mix currently comprises 60% from banks, 20% from the bond market

IIFL to raise Rs 1,500 cr in bonds to fuel growth, caps coupon rate at 9%

Leading non-bank lender IIFL Finance is raising up to Rs 1,500 crore through a public issue of secured redeemable non-convertible debentures (NCDs) to fuel credit growth and debt management, a senior company official said on Thursday. The public issue of the IIFL NCDs will open on Friday and has a base offer of Rs 300 crore. However, the company has a green shoe option to retain an over-subscription of up to Rs 1,200 crore. With the Reserve Bank of India pausing its rate hike cycle, IIFL remains optimistic about raising the entire Rs 1,500 crore in this tranche of issues with an attractive 9 per cent coupon rate. "We expect to raise the full subscription amount in this issue due to the attractive coupon rates. Credit growth is robust after the Covid-19 pandemic, IIFL Director Gaurav Mishra said. The IIFL bonds offer a coupon rate starting at 8.35 per cent for 24 months and the highest effective yield of 9 per cent per annum for a tenor of 60 months. IIFL has kept the highest coupo