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IIFL Finance share rises 20% after firm raises Rs 100 crore from debentures

IIFL Finance stock opened higher at Rs 94.80. It hit upper circuit of 20% in afternoon session

twitter-logoBusinessToday.In | November 17, 2020 | Updated 16:55 IST
IIFL Finance share rises 20% after firm raises Rs 100 crore from debentures
The stock closed 20% higher at Rs 112.50 against previous close of Rs 93.75 on BSE

IIFL Finance share hit upper circuit of 20% on November 17 after the company raised Rs 100 crore from allotment of 1,000 non-convertible debentures. The stock closed 20% higher at Rs 112.50 against previous close of Rs 93.75 on BSE. IIFL Finance stock opened higher at Rs 94.80. It hit upper circuit of 20% in afternoon session. The stock has gained 22.48% in the last two days.

IIFL Finance share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has lost 27.37% in one year and  fallen 19.35% since the beginning of this year.

Total 3.63 lakh shares changed hands amounting to turnover of Rs 3.85 crore.

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Market cap of the firm rose to Rs 4,256 crore on BSE. In a month, the share has gained 49%  and risen 25% in a week.

"Pursuant to regulation 30 of the Sebi (listing obligations and disclosure requirements) regulations, 2015, we wish to inform that finance committee of the board of directors of the company vide resolution dated November 17, 2020 approved allotment of 1,000 non-convertible debentures namely secured redeemable non convertible debentures series d10 of face value of Rs 10 lakh each, for cash at par, aggregating to Rs 100 crore, on private placement basis, " the firm said in a communication to BSE. 

It said the debentures would be listed on the Wholesale Debt Market segment of NSE.

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The scrip also saw a rise in volume by more than 4.79 times and was trading with volumes of 352,381 shares, compared to its five day average of 90,796 shares, an increase of 288.10 percent. There were pending buy orders of 76,397 shares, with no sellers available.

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