IIFL home finance to raise Rs 1,000 cr via non-convertible debentures

07 Jul 2021 CW Team

Retail focussed housing finance company IIFL Home Finance Ltd plans to raise up to Rs 1,000 crore by issuing non-convertible debentures (NCDs).

The tranche one issue involves a base issue of Rs 100 crore and a greenshoe option of Rs 900 crore aggregating up to Rs 1,000 crore.

The issue will open for subscription on 6 July, and close on 28 July, with an option of early closure or extension.

The NCD has a tenor of 87 months and offers various options for subscription with coupon costs varying from 9.60% to 10% per annum.

The fund will be used for onward lending, financing, and repayment or prepayment of interest and principal of existing borrowings, and the balance will be used for general corporate purposes of the company.

The company's Executive Director and CEO, Monu Ratra said that last year, our asset under management (AUM) increased by 12%. We are optimistic about growth in the following nine months and are looking at a 15% AUM growth in the current year.

As of 31 March, the housing finance company's capital to risky assets ratio (CRAR) - tier I capital was at 19.61%.

The unsecured NCDs have been rated Credit Rating Information Services of India Limited (CRISIL) AA/Stable and Brickwork Ratings (BWR) AA+/ Negative. The NCDs are proposed to be placed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

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Also read: IIFL launches handbook for affordable green housing

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