IIFL Home to issue up to Rs 1,000 cr of retail bonds on Dec 8
Real Estate

IIFL Home to issue up to Rs 1,000 cr of retail bonds on Dec 8

IIFL Home Finance has received approval from the market regulator to raise Rs 1,000 crore by selling bonds with a coupon of 8.25-8.75%, according to a company official.

A public issue of secured redeemable non-convertible debentures (NCD) will be available for subscription on December 8.

The NCDs will be assigned to one of three tenures: 36 months, 60 months and 84 months.

The NCDs have a base issue size of Rs 100 crore and the option to retain up to Rs 900 crore in oversubscription. Crisil has given the issue a AA per Stable rating, while Brickwork Ratings has given it an AA+ per Negative rating.

This will be the lender's second bond sale this fiscal year. It raised Rs 655 crore in July by issuing unsecured bonds at a rate of 9.6 and 10%.

The lender wants to expand into smaller towns, to exceed Rs 25,000 crore in Assets Under Management (AUM) by March 2022.

At the end of September, it had an AUM of Rs 21,474 crore, with home loans accounting for nearly three-quarters of that.

By the end of this fiscal year, the lender plans to open 100 more offices in tier three and tier four locations. It currently has around 145 offices.

IIFL Finance Limited is a major player in India's financial services industry. It offers a wide range of loans and mortgages through its subsidiaries IIFL Home Finance Limited and Samasta Microfinance Limited.

Image Source

Also read: IIFL home finance to raise Rs 1,000 cr via non-convertible debentures
Also read: IIFL launches handbook for affordable green housing

IIFL Home Finance has received approval from the market regulator to raise Rs 1,000 crore by selling bonds with a coupon of 8.25-8.75%, according to a company official. A public issue of secured redeemable non-convertible debentures (NCD) will be available for subscription on December 8. The NCDs will be assigned to one of three tenures: 36 months, 60 months and 84 months. The NCDs have a base issue size of Rs 100 crore and the option to retain up to Rs 900 crore in oversubscription. Crisil has given the issue a AA per Stable rating, while Brickwork Ratings has given it an AA+ per Negative rating. This will be the lender's second bond sale this fiscal year. It raised Rs 655 crore in July by issuing unsecured bonds at a rate of 9.6 and 10%. The lender wants to expand into smaller towns, to exceed Rs 25,000 crore in Assets Under Management (AUM) by March 2022. At the end of September, it had an AUM of Rs 21,474 crore, with home loans accounting for nearly three-quarters of that. By the end of this fiscal year, the lender plans to open 100 more offices in tier three and tier four locations. It currently has around 145 offices. IIFL Finance Limited is a major player in India's financial services industry. It offers a wide range of loans and mortgages through its subsidiaries IIFL Home Finance Limited and Samasta Microfinance Limited. Image Source Also read: IIFL home finance to raise Rs 1,000 cr via non-convertible debentures Also read: IIFL launches handbook for affordable green housing

Next Story
Real Estate

Mahindra Lifespaces Bags Rs 12.5 billion Redevelopment in Mulund

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has been appointed as the preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai. The project will be developed across a 3.08-acre land parcel, with an estimated development value of approximately Rs 12.5 billion. Strategically located, the site enjoys proximity to major connectivity points—just 1.4 km from the upcoming Mumbai Metro Line 5 and 0.8 km from the Goregaon-Mulund Link Road. It also offers seamless access to the Eastern Expre..

Next Story
Infrastructure Urban

Snowman Adds Warehouses in Kolkata and Krishnapatnam

Snowman Logistics, India’s leading integrated temperature-controlled logistics company, has announced the commencement of operations at its two new state-of-the-art, owned cold storage facilities in Kolkata and Krishnapatnam. With these additions, the company’s total pallet capacity has reached 1,50,754, spanning 43 warehouses in 20 cities across the country. The newly operational Kolkata facility offers a storage capacity of 5,630 pallets, while the Krishnapatnam facility holds 3,927 pallets. These warehouses are equipped with advanced automation and infrastructure designed to enhanc..

Next Story
Resources

Noesis Enables IHCL Hotel Deal in Udupi–Manipal Corridor

NOESIS Capital Advisors, India’s leading hotel investment advisory firm, has successfully facilitated a landmark hospitality transaction in the Udupi–Manipal region of Karnataka. The deal involves the acquisition of a nearly completed, 130-key upscale hotel that will operate under one of the premium brands of IHCL, reinforcing NOESIS’ position as a preferred partner for strategic hospitality transactions across India. Strategically located on the Udupi–Manipal Highway, the 1.03-acre property will cater to business travellers, pilgrims and families visiting Manipal University. With..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?