IIFL Finance share jumps on raising funds up to Rs 1,500 crore via NCDs, do you have it?

The funds raised will be used to meet the credit needs of customers and accelerate the firm's digital process transformation to enable a frictionless experience.

On June 6, 2023, IIFL Finance Ltd Secured Redeemable Non-Convertible Debentures of the face value of Rs 1,000 Each (“NCDs” or “Debentures”) for an amount of Rs 300 crore (“Base Issue Size”) with a green shoe option up to Rs 1,200 crore aggregating to Rs 1,500 crore (“Tranche II Issue”) which is within the Shelf Limit of Rs 5,000 crore.

The face valve of IIFL bonds will be Rs 1,000, and the minimum application size across all categories will be Rs 10,000. The company also said that the public offering will begin on June 9, 2023, and end on June 22, 2023. Furthermore, the allocation will be done on a first-come, first-served basis.

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The funds raised will be used to meet the credit needs of customers and accelerate the firm's digital process transformation to enable a frictionless experience. For a tenure of 60 months, the bonds offer an effective yield of 9 per cent per annum and the NCD is available in tenures of 24 months, 36 months, and 60 months.

IIFL Finance offers a diverse product spectrum comprising home loans, gold loans, business loans including loans against property and MSME financing, microfinance, construction and real estate, and capital markets finance.

Today, the share of IIFL Finance Ltd opened at Rs 482.40 and has touched a high and low of Rs 482.45 and Rs 478.75, respectively. So far 39,485 shares have been traded on the bourses.