IIFL Samasta Finance raises Rs 607 crore in maiden public bond issue

economictimes.indiatimes.com:

IIFL Samasta Finance raised Rs 607 crore in its maiden public bond issue, with the lender aiming to maintain its growth momentum at about 25-40% in the next three years.

Happy with the response to its first such fundraising, the company plans to follow up with another public bond issue early next fiscal, managing director Venkatesh N told ET.

In this round, the NBCF-MFI mobilised over three times the base issue of Rs 200 crore even as it was aiming to raise up to Rs 1,000 crore through an option to retain oversubscription up to Rs 800 crore over the base size.

«We have an approval for raising up to Rs 2,000 crore. Considering only a few months are left for FY24 to end and availability of some other undrawn lines, most likely we will hit the public bond market early next financial year,» Venkatesh said.

In the second half of the current fiscal, the company plans to borrow about Rs 6,000 crore as compared with Rs 5,239 crore raised in the first six months.

It has undrawn sanctions of Rs 1,250 crore.

Having grown at a compounded annual growth rate of 68% in the last five years, its assets under management reached Rs 12,200 crore at the end of September, built through an operation of 1,500 branches across the country. The NBFC-MFI earned Rs 233 crore in the first half of FY23.