IIFL Home Finance: IIFL Home Finance to raise up to Rs 1,000 crore via bonds
The issue will open for subscription on July 6, 2021, and close on July 28, 2021, with an option of early closure or extension.
The NCD has a tenor of 87 months and offers various options for subscription with coupon rates ranging from 9.60 per cent to 10 per cent per annum.
The fund will be utilised for onward lending, financing, and for repayment/prepayment of interest and principal of existing borrowings of the company and the balance will be used for general corporate purposes.
“Last year, our asset under management (AUM) grew by 12 per cent. We have seen a good recovery of business in June. We are optimistic of growth in the next nine months and are looking at a 15 per cent AUM growth this year,” the company’s Executive Director and CEO Monu Ratra said.
IIFL Group Chairman Nirmal Jain said the issue gives an opportunity for investors to lock in a high-interest rate.
“It gives a great opportunity for us to grow our business, boost our capital adequacy and generate more profits,” Jain said.
As of March 31, 2021, the housing finance company’s CRAR (capital to risky assets ratio) – tier I capital was at 19.61 per cent.
The unsecured NCDs have been rated
AA/Stable and BWR AA+/ Negative (Assigned). The NCDs are proposed to be listed on BSE and NSE.
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