Mumbai, Jan 18 (GCBusiness) IIFL Holdings Limited on Friday said its material subsidiary, India Infoline Finance Limited (IIFL Finance), a leading NonBanking Financial Company, will launch a public issue of NCDs on
January 22, 2019, to raise up to Rs 2,000 crore for the purpose of business growth.
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)., company said in a filing with BSE.
The IIFL Finance NCDs offer highest yield of 10.50 pc per annum for Individuals and non-institutional category investors, and 10.35 pc for Institutional category investors, for tenor of 120 months. The NCDs are available in tenors of 39 months with annual/cumulative frequency of interest payments, 60 months with monthly/annual
frequency of interest payments and 120 months with monthly/annual frequency of interest payments. For further details on the specific terms of the NCDs, please refer to page 47 and 48 of the Tranche I Prospectus dated January 11, 2019.
The instruments proposed to be issued are rated CRISIL AA/Stable by CRISIL, [ICRA] AA (Stable) by ICRA, and BWR AA+/Stable by Brickworks, which indicates that the instruments are considered to have a high degree of safety for timely servicing of financial obligations and carry very low credit risk.
The lead managers to the issue are Edelweiss Financial Services Limited, IIFL Holdings Limited, ICICI Securities Limited and Trust Investment Advisors Private Limited.
The NCDs will be listed on the BSE Limited (BSE) and National Stock Exchange of India Limited (NSE), to provide liquidity to investors.
The IIFL NCDs would be issued at face value of Rs 1,000 and the minimum application size is Rs 10,000 across all categories. The public issue opens on January 22, 2019 and closes on February 20,
2019, with an option of early closure. The allotment will be made on first come first served basis,filing added.