IIFL secures Rs 3,000 cr in long-term funding from banks

IIFL Finance has been able to get easy funding from banks and multi-lateral financial institution when several nonbanking finance companies are struggling to raise money.

According to bankers, IIFL has been able to secure longterm funding of about Rs 3,000 crore from the government and private banks. It is also close to securing a $100 million long-term loan from a multi-lateral financial institution, said banking sources. Shares of IIFL Finance was locked in 10 per cent upper circuit on Thursday at Rs 161.05. When contacted, company declined to comment on the fund raising development. There was a concern on IIFL Finance’s exposure to real-estate developers. However, company’s exposure to real estate is a relatively small portion of its asset under management and the remaining book consists of small-ticket loans that continue to be securitised/assigned to banks, said bankers.