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IIFL Finance share rises over 2% on housing unit's plan to raise Rs 1,000 cr

IIFL Finance share rises over 2% on housing unit's plan to raise Rs 1,000 cr

Share of IIFL Finance has gained after 2 days of consecutive fall

IIFL Finance share has gained 228% in one year and risen 124.22% since the beginning of this year. IIFL Finance share has gained 228% in one year and risen 124.22% since the beginning of this year.

IIFL Finance share rose over 2% today after the financial services firm's housing unit said it was planning to raise up to Rs 1,000 crore by issuing non-convertible debentures (NCDs). The tranche 1 issue includes a base issue size of Rs 100 crore and a greenshoe option of Rs 900 crore aggregating up to Rs 1,000 crore.

Share of IIFL Finance has gained after 2 days of consecutive fall

IIFL Finance stock touched an intraday high of Rs 258 rising 2.2% against previous close of Rs 252.45 on BSE.

The stock trades higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages.

 IIFL Finance share has gained 228% in one year and risen 124.22% since the beginning of this year.

 Market cap of the firm rose to Rs 9,665 crore on BSE.

Total 0.25 lakh shares changed hands amounting to turnover of Rs 65.26 crore.

The issue opened for subscription on July 6, 2021, and will close on July 28, 2021, with an option of early closure or extension.

The NCD has a tenor of 87 months and offers various options for subscription with coupon rates ranging from 9.60 per cent to 10 per cent per annum.

The fund will be utilised for onward lending, financing, and for repayment/prepayment of interest and principal of existing borrowings of the company and the balance will be used for general corporate purposes.

The unsecured NCDs have been rated CRISIL NSE AA/Stable and BWR AA+/ Negative (Assigned). The NCDs are proposed to be listed on BSE and NSE.