IIFL Finance’s bond will come on March 3
IIFL Finance, one of India’s largest non-banking financial companies, said on Friday that it will launch a Rs 1000-crore public bond issue market next week to expand its capital base. ).
- Last Updated:February 27, 2021 10:50 AM IS
Offers higher returns up to 10.03 percent
The press release issued by the company said that Fairfax and the CDC Group-backed IIFL Finance will issue unsecured redeemable non-convertible debentures (NCDs) worth Rs 100 crore, with an over-subscription of up to Rs 900 crore and a total of Rs 1,000 crore Will be mobilized. IIFL Finance bonds with a duration of 87 months offer higher returns of up to 10.03 percent.
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This public bond issue of IIFL Finance will open on 3 March 2021 and will close on 23 March. The company has said that its bonds are available with the option of paying interest monthly, annually and at the time of maturity. The lead managers of the public bond issue are Edelweiss Financial Services, IIFL Securities and Equirus Capital. Explain that currently the interest rate offered by IIFL Finance bonds is very attractive compared to other loan products. Liquid funds have an average return of 2.8–3 per cent, while ultra-short-term funds offer an average of 3-3.5 per cent. Short term funds give 4-4.25 per cent returns on average, while banks are currently paying around 5.1 per cent for 3-year fixed deposits.
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Know what the company said?
Rajesh Rajak, CFO of IIFL Finance, 2500 branches across India, said that through a strong presence of 2500 branches across India and an improved and diversified retail portfolio, IIFL Finance caters to the credit needs of those who Very few facilities are available. The funds raised through the bond will be used to meet the credit needs of the customers. Also to accelerate our digital process, so as to provide a better experience to the customers.