Leading non-bank lender IIFL Finance is tapping the debt market to raise up to Rs 1,500 crore by selling NCDs, offering up to 9 per cent in return to investors. The debt raising through a public issue, will be launched on June 9, and the proceeds will be used for business growth and capital augmentation, the Prem Watsa-led Fairfax Holding-backed company said in a statement on Tuesday.
The primary issue of secured redeemable non-convertible debentures (NCDs) is for Rs 300 crore, with a green-shoe option to retain over-subscription of up to Rs 1,200 crore, totalling Rs 1,500 crore, offering up to 9 per cent for a 60-month tenor.
In April, it repaid USD 400 million of dollar bonds, raised in February 2020. IIFL Finance is among the largest retail-focused financial services companies and is present across 4,000 branches. Its loan book stood at Rs 64,638 crore in March 2023, 95 per cent of which, is retail.