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IIFL Home Finance's Rs 1000 crore bond issue opens on Dec 8

Kolkata | Published On 2021-12-06T08:08:28IST | Economic Times | 1 min read
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 IIFL Home Finance's Rs 1000 crore bond issue opens on Dec 8

IIFL Home Finance has received market regulator's approval for raising Rs 1,000 crore by selling bonds paying 8.25-8.75 per cent coupon, a company official said.

The public issue of secured redeemable non-convertible debentures (NCD) will open for subscription on December 8. The NCDs will have three tenures -- 36 months, 60 months and 84 months.

The NCDs have a base issue size of Rs 100 crore and an option to retain oversubscription up to Rs 900 crore. Crisil has assigned a "AA/Stable” rating for the issue while Brickwork Ratings has given “AA+/ Negative” rating.

ET was first to write about IIFL Home Finance's fundraising plan on November 29.

This will be the second bond sale for the lender this fiscal. In July, it had garnered Rs 655 crore by issuing unsecured bonds at 9.6-10 per cent rate.

The lender is looking to expand in smaller towns with an aim to cross the Rs 25,000-crore mark in terms of assets under management (AUM) by March 2022.

It's AUM was at Rs 21,474 crore at the end of September with home loans contributing almost three-fourth of it.

The lender plans to open 100 more offices in tier 3 and tier 4 locations by the end of this financial year. It has about 145 offices at present.

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Source: Economic Times

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