IIFL Finance to raise up to Rs 1,000 cr via NCDs

Non-Banking Financial Company IIFL Finance on Tuesday said it will raise up to Rs 1,000 crore through a public issue of secured non-convertible debentures (NCDs). The funds raised through the issue will be used for business growth, IIFL Finance said in a statement, adding that the public issue opens on January 6 and closes on January 18, 2023, with an option of early closure.

Fairfax-backed IIFL Finance will issue secured redeemable NCDs, aggregating to Rs 100 crore, with a green-shoe option to retain oversubscription up to Rs 900 crore (aggregating to a total of Rs 1,000 crore).

"Through a diversified multi-channel distribution network and a strong physical presence of over 3,700 branches across India, IIFL Finance caters to delivering small loans to sound under-banked people and enterprises in India. The funds raised will be used to meet the credit needs of more such customers," IIFL Finance CFO Kapish Jain added.