Chennai: IIFL Holdings Limited has its subsidiary, India Infoline Finance Limited (IIFL Finance), a leading Non-Banking Financial Company, will open a public issue of bonds on 22 January, to raise up to Rs 2,000 crore, for the purpose of business growth and expansion.
The UK-based CDC Group backed IIFL Finance will issue secured and unsecured redeemable non-convertible debentures (NCDs), aggregating to Rs 250 crore, with a green-shoe option to retain over-subscription up to Rs 1,750 crore (aggregating to a total of Rs 2,000 crore).
The IIFL Bonds offer highest yield of 10.5 per cent p.a. for individual and other categories, and 10.35 per cent for institutional category, for tenor of 120 months with frequency of monthly and annual payment. The other tenors offered are for 39 and 60 months.
Group MD, IIFL, R Venkataraman, said, ‘Through our strong physical presence of 1,755 branches across India and a well-diversified portfolio, we are able to meet the credit requirement ofvarious segments of underserved population. The funds raised will help us in expanding our operation in more such areas.’
IIFL Finance’s profit after tax stood at Rs 357.2 crore for the half year ended 30 September, 2018, posting a growth of 69 per cent y-o-y and its loan assets under management (AUM), predominantly retail, showed a strong growth of 40 per cent y-o-y to reach Rs 36,373 crore.