IIFL Finance, one of India's largest Non-Banking Financial Companies, will open a public issue of secured bonds on January 6, 2023, to raise up to Rs. 1,000 crore, for the purpose of business growth and capital augmentation. The bonds offer up to 9% yield and high degree of safety.
The Fairfax-backed IIFL Finance will issue secured redeemable non-convertible debentures (NCDs), aggregating to Rs 100 crore, with a green-shoe option to retain over-subscription up to Rs 900 crore (aggregating to a total of Rs 1,000 crore).
The IIFL bonds offer highest effective yield of 9% per annum for tenor of 60 months. The NCD is available in tenors of 24 months, 36 months and 60 months. The frequency of interest payment is available on monthly, annual and at maturity basis for 60 months tenor, while for other tenors it is available on annually and at maturity basis.