IIFL Finance’s NCD Issue Oversubscribed 4.75x, Closes Early

11 Apr 2025 CW Team

IIFL Finance Limited announced that its public issue of secured, rated, listed non-convertible debentures (NCDs) has been oversubscribed 4.75 times, raising Rs 4.75 billion by the end of April 9. The issue, which opened on April 7, was slated to close on April 23, but will now close early on April 11 due to high demand.

Govind Modani, Head of Treasury at IIFL Finance, attributed the strong response to the company’s robust corporate profile and 25-year track record.

The NCDs were offered with a base issue size of Rs 1 billion and a green shoe option of Rs 4 billion, aggregating to a total of Rs 5 billion. The instruments, rated “Crisil AA/Stable” and “[ICRA] AA (Stable)”, were available in tenors of 15, 24, 36, and 60 months, with yields up to 10.24% per annum. Interest payment options included monthly, annual, and cumulative basis.

Funds raised will be used for onward lending, refinancing of existing debt, and general corporate purposes.

The NCDs will be listed on both BSE and NSE, with NSE as the designated stock exchange. The lead managers for the issue were Trust Investment Advisors, Nuvama Wealth Management, and IIFL Capital Services.

As of December 31, 2024, IIFL Finance had Assets under Management (AUM) of Rs 714.10 billion, with GNPA at 2.42% and NNPA at 1.01%. Over 71.9% of its loan book is secured. The company operates 4,858 branches and employs 38,235 people across India.

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