India New Issue-IIFL Finance to raise funds via public issue

Edelweiss Financial Services

02/01/2023 08:45

MUMBAI, Jan 2 (Reuters) - India's IIFL Finance  IIFL.NS 
plans to raise at least 1 billion rupees ($12.10 million)
through public issue of non-convertible debentures, according to
a product note. 
    The issue, which also has a greenshoe option to retain an
oversubscription of 9 billion rupees, will open for subscription
on Friday and close on Jan. 18.
    The company is offering bonds maturing in two years, three
years and five years at an annual coupon in the range of 8.50%
to 9% for investors.
    Equirus Capital, Edelweiss, Trust Investment Advisors, IIFL
Securities are the lead managers for the bond issue, which is
rated AA by CRISIL and ICRA. 
    Fundraising through public issues is expected to see an
uptick in 2023 as retail investors bet on attractive interest
rates and companies look to diversify their funding portfolio
under tightening liquidity conditions.
($1 = 82.6600 Indian rupees)
 (Reporting by Bhakti Tambe; Editing by Sohini Goswami)
 ((Bhakti.Tambe@thomsonreuters.com;))