IIFL Samasta to raise funds up to ₹1,000 crore via bonds; details here
₹1,000 crore through its inaugural public offering of secured bonds. The objective behind this fundraising initiative is to support business expansion and bolster capital resources. These bonds present an interest rate of up to 10.50% and assure a high level of safety for investors.
The subscription period for the issue commenced on December 4, 2023, and concludes on December 15, 2023. IIFL Samasta operates under the umbrella of IIFL Finance, a leading retail-focused NBFC in India, managing loan assets totalling ₹73,066 crores. The company is set to issue bonds amounting to ₹200 crore, accompanied by a green-shoe option to retain oversubscription, allowing for a total fundraising of up to ₹1,000 crore (including the initial ₹200 crore).
The Non-Convertible Debentures (NCDs) are available in tenors of 24 months, 36 months, and 60 months. Investors have the option of receiving interest payments on a monthly or annual basis for each series. Venkatesh N, MD and CEO, IIFL Samasta Finance, said, “IIFL Samasta Finance has a strong physical presence across India through about 1,500 branches.
It caters to the credit needs of underserved and unserved populations, primarily women entrepreneurs from underprivileged backgrounds through a well-diversified portfolio. The funds raised will be used to meet credit demand from more such customers and bolster business growth." The primary managers overseeing the issue include JM Financial, IIFL Securities, Nuvama Wealth Management, and Trust Investment Advisors. The NCDs are slated for listing on the BSE and the National Stock Exchange of India (NSE) to facilitate liquidity for investors.
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