IIFL Finance to raise up to $141m through public issue of bonds

Indian Rupees. Photo: Pixabay

IIFL Finance on Monday said it will raise up to 1,000 crore through a public issue of bonds, for the purpose of business growth and expansion.

The bonds will offer yield of 10.5% per anum for tenor of 69 months and 10% for shorter tenor of 15 months for the secured category, the non-banking financial company (NBFC) said in a statement.

“The UK-based CDC Group-backed IIFL Finance will issue secured and unsecured redeemable non-convertible debentures (NCDs), aggregating to 100 crore, with a green-shoe option to retain over-subscription up to 900 crore (aggregating to a total of 1,000 crore),” it said.

Credit rating agency CRISIL has rated the instrument as AA/stable, the statement said.

Sumit Bali, chief executive officer, IIFL Finance said, ” The funds raised will help us in expanding our operation in more such areas.”

The lead managers to the issue are Edelweiss Financial Services Ltd, IIFL Securities Ltd, ICICI Securities, and Trust Investment Advisors Private Ltd.

“The NCDs will be listed on BSE and NSE, to provide liquidity to investors. The IIFL Bonds would be issued at face value of1,000 and the minimum application size is 10,000 across all categories. The public issue opens on 6 August, 2019 and closes on 30 August 2019, with an option of early closure,” the statement said.

The article was first reported on livemint.com

 

 

 

 

 

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.