IIFL Finance on Thursday announced plans to raise up to ₹700 crore through secured, listed, rated, redeemable non-convertible debentures (NCDs) via private placement.In a regulatory filing, the company stated that the Finance Committee of the Board of Directors approved the issuance on March 13, 2025. The fundraising plan includes 70,000 NCDs, incorporating a green-shoe option to retain oversubscription of 27,500 NCDs.
The issue comprises a base size of ₹425 crore, with an option to retain additional subscriptions of up to ₹275 crore, bringing the total to ₹700 crore. Each NCD carries a face value of ₹1 lakh.
IIFL Finance has also introduced a 2% annual penalty interest for delays in coupon payments or principal redemption. This penalty will apply to defaulted amounts in case of missed payments and to the outstanding principal in the event of a delay.Also read: SEBI issues warning to IIFL Capital regarding due diligence in debt issues
The issue comprises a base size of ₹425 crore, with an option to retain additional subscriptions of up to ₹275 crore, bringing the total to ₹700 crore. Each NCD carries a face value of ₹1 lakh.
IIFL Finance has also introduced a 2% annual penalty interest for delays in coupon payments or principal redemption. This penalty will apply to defaulted amounts in case of missed payments and to the outstanding principal in the event of a delay.Also read: SEBI issues warning to IIFL Capital regarding due diligence in debt issues
Earlier on March 10, the company had notified stock exchanges about the proposed NCD issuance. IIFL Finance had previously disclosed its intent to raise up to ₹10,000 crore via private placement of NCDs in a filing dated June 15, 2024.
Shares of IIFL Finance opened at ₹316.95 on the BSE, gaining 1.35% from its previous close of ₹312.70. However, the stock closed nearly 1% down on Thursday.
(Edited by : Shersh Kapoor)
