IIFL Finance's latest Non-Convertible Debenture (NCD) issue has witnessed record demand, with the issue being oversubscribed 4.75 times. This huge response has led to the company announcing an early close of the issue on April 11, 2025, a day ahead of its initial closure date of April 23, 2025.
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Oversubscription Details: The minimum issue size was ₹100 crore, with an over-allotment option to hold back oversubscription up to ₹400 crore, aggregating ₹500 crore. The excellent investor demand resulted in huge oversubscription beyond expectations.
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Early Closure: Owing to the huge demand, IIFL Finance has now decided to close the issue ahead of schedule, facilitating timely fund allocation and effective implementation of its growth strategy.
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Investor Attraction: The NCDs with attractive interest rates of up to 10.25% per annum and tenures of 15, 24, 36, and 60 months were highly sought after. High credit ratings accorded by CRISIL and ICRA as well as their secured nature served to enhance their attractiveness even more.
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Utilization of Funds: The proceeds of the issue would be utilized towards onward lending, repayment of borrowings, and general corporate purposes, financing IIFL Finance's strategic growth and financial resilience.
This successful edition highlights IIFL Finance's solid market presence and investor belief in the firm's financial wellness and growth opportunities.
Source: Business Standard, Economic Times, Moneycontrol