The IIFL NCDs would be issued at face value of Rs 1,000 and the minimum application size is Rs 10,000 (10 NCD) and in multiple of Rs 1,000 (1 NCD) thereafter, across all categories
IIFL Finance Limited is all set to open a public issue of Secured Redeemable Non-Convertible Debentures (NCDs) on January 6, 2023, to raise up to Rs 1,000 crore for the purpose of onward lending, financing, refinancing the existing indebtedness of IIFL Finance Limited (payment of the interest and/or repayment /prepayment of principal of borrowings) and General Corporate Purposes.
The firm’s NCDs will offer up to 9 per cent yield. IIFL Finance will issue secured redeemable NCDs, aggregating to Rs 100 crore, with a green-shoe option up to Rs 900 crore amounting to Rs 1,000 crore. The IIFL NCDs would be issued at face value of Rs 1,000 and the minimum application size is Rs 10,000 (10 NCD) and in multiple of Rs 1,000 (1 NCD) thereafter, across all categories.
The company said that its NCDs will offer effective yield of up to 9 per cent per annum for tenor of 60 months. The NCDs will be available in tenors of 24 months, 36 months and 60 months. The frequency of interest payment is available on monthly, annual and cumulative basis for 60 months tenor, while for 24 months and 36 months it is available on annual and cumulative basis.
IIFL Finance’s consolidated Loan Assets under Management is Rs 55,302.08 crore as on September 30,2022. The lead managers to the issue are Edelweiss Financial Services Limited, IIFL Securities Limited*, Equirus Capital Private Limited and Trust Investment Advisors Private Limited. The NCDs will be listed on the BSE Limited and National Stock Exchange of India Limited.
The public issue opens on January 6, 2023 and closes on January 18, 2023, with an option of early closure