IIFL Finance to use secured NCDs to raise up to Rs 1,000 Cr
- ByStartupStory | January 3, 2023
In order to raise a total of Rs 1,000 crore, IIFL Finance would issue Secured Redeemable Non-Convertible Debentures (Secured NCDs) totaling Rs 100 crore with a green-shoe option to keep any excess oversubscription up to Rs 900 crore.
The greatest effective return, 8.75% a year for a tenor of 60 months, is offered by IIFL Secured NCDs.
Additionally, the business will provide a 0.25% annual incentive to current holders of the company’s bonds, equity shares, and NCDs issued by IIFL Home Finance Limited.
The NCD is offered in 24 month, 36 month, and 60 month tenors. For tenors longer than 60 months, the frequency of interest payments is accessible on a monthly, annual, and at maturity basis; for shorter tenors, it is only available on an annual and at maturity basis.
The NCDs that are being proposed for issuance have received ratings of CRISIL AA/Stable and BWRAA+/negative from Brickwork, respectively. This means that the instruments are thought to have a high degree of safety for prompt payment of debts and very little credit risk.
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