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IIFL to raise Rs 1,050 crore through NCDs

IIFL Chairman Mukesh Kumar Singh said the company will issue Secured Redeemable NCD with a printed value of Rs 1,000 crore on September 17 and the pubic issue will close on October 4.

     Last Updated: September 16, 2013  | 00:00 IST
IIFL to raise Rs 1,050 crore via NCDs

India Infoline Finance (IIFL), the subsidiary of non-banking financial services firm India Infoline, will issue non-convertible debentures (NCDs) to raise Rs 1,050 crore for business expansion.

"We will issue Secured Redeemable NCD with a printed value of Rs 1,000 crore on September 17. This public issue will close on October 4," IIFL Chairman Mukesh Kumar Singh said.

The size of this NCD is Rs 525 crore, but in case of over-subscription, its size can be expanded up to Rs 1,050 crore, he said.

Under the public issue, investments can be made for a period of three and five years with the money generated to be used for bolstering IIFL's expansion schemes, Singh said.

He said that with the money, the company will expand its business related to the granting of loans against mortgage of gold and immovable assets.

"Besides, there is a huge demand for home loans in smaller towns and the company would try to fulfil this requirement," Singh said.

IIFL is also focusing on schemes to provide loans for the purchase of commercial vehicles as this sector has a lot of scope for expansion, he added.

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