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IIFL Home Finance, an entity of the IIFL group, launched its public offering of unsecured subordinated non-convertible debentures on Tuesday, July 6. The show will close on July 28, 2021.
The Tranche I issue includes a basic issue size for an amount of Rs 100 crore with an option to keep an oversubscription of up to Rs 900 crore, for a total of Rs 1,000 crore. The face value of the issue is set at Rs 1000 / NCD with a coupon rate ranging from 9.60 to 10.5 percent with a duration of 87 months and a frequency monthly, annually and at maturity.
The housing company proposed to use 75 percent of the net proceeds of the issue for subsequent lending, financing and prepayment / repayment of principal and interest on existing borrowings and 25 percent for general purposes of the company. It allocated a 10 percent share for institutions, 10 percent for non-institutions, 40 percent for HNIs, and 40 percent for retail investors. The issue is rated CRISIL / AA Stable by CRISIL Ratings Ltd. and BWR / AA + / Stable by Brick Work Ratings India.
Speaking to the press, the company claimed there had been no breach or delay in any kind of obligation amid the roller coasters and difficult times of recent years.
“We have no event of default or delay in any obligation, even in difficult times,” Nirmal Jain, IIFL group president said at a press conference.
Going forward, the company aims to exploit opportunities in the credit sector with increased urbanization over the past two decades and also strong demand following the government’s housing for all agenda, proposed in 2015.
“We have seen a strong demand for urbanization over the past two decades and we are eager to align with the same,†said Monu Ratra, Managing Director and CEO of IIFL Home Finance Limited.
Following the company’s figures, the company’s assets under management (assets under management) increased from Rs 9,769.32 crore as of March 31, 2017 to Rs 20,693.69 crore as of March 31, 2021, at a CAGR of 20 , 64%.
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