IIFL Finance gets board’s approval to raise Rs 5,000 cr by issuing bonds

IIFL Finance is planning to raise debt capital worth Rs 5,000 crore by issuing bonds on a private placement basis, the company said on Thursday.

The bonds will be offered through public issue, subject to regulatory and statutory approvals, IIFL Finance said in a regulatory filing.

“The board of directors of the company at their meeting held today, June 23, 2022, approved the raising of funds by way of issuance of secured redeemable non-convertible debentures with the shelf limit of Rs 50,000 million, in one or more tranches,” it added.

IIFL Finance is a non-banking finance company (NBFC), offering products such as home loans, gold loans, and business loans, including loans against property and medium & small enterprise financing, microfinance, developer and construction finance.

It also offers capital market finance; catering to both retail and corporate clients.

Its subsidiaries IIFL Home Finance Ltd and Samasta Microfinance Ltd — are engaged in providing a diverse range of loans and mortgages.

The NBFC has a nationwide presence, having 3,119 branches across over 500 cities.

Shares of IIFL Finance were trading at Rs 319.05 apiece on BSE, up by 1.46 per cent from the previous close.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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