Kochi, Dec 7 : Retail-focused and technology-driven Housing Finance player, IIFL Home Finance Ltd has announced the opening of its public issue of Secured Redeemable Non-Convertible Debentures at the face value of Rs 1,000 each.
The Tranche II Issue opens on December 8 and closes on December 28, with an option of early closure or extension, a statement said here Today.
The Tranche II Issue includes a Base Issue Size for Rs 100 crore with an option to retain oversubscription up to Rs 900 crore aggregating up to Rs 1,000 crore. The Secured NCD issue offers various options for subscription with coupon rates ranging from 8.20 per cent to 8.75 per cent per annum.
The Secured NCDs bear a fixed rate of interest under eight different series and have been rated ‘CRISIL AA/Stable’ and ‘BWR AA+/ Negative (Assigned)’ indicates that instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations and carry very low credit risk.
Net proceeds of the Issue will be utilised for the purpose of onward lending, financing, and for repayment/prepayment of principal and interest of existing borrowings of the Company (at least 75 per cent) – and the rest (maximum up to 25 per cent) for general corporate purposes.
As on September 31, 2021 its CRAR, in accordance with the Reformatted Financial Statements, was at 30.75 per cent.(UNI)