IIFL Finance gets board's approval to raise Rs 5,000 cr by issuing bonds

IIFL Finance is planning to raise debt capital worth Rs 5,000 crore by issuing bonds on a private placement basis, the company said on Thursday.

The bonds will be offered through public issue, subject to regulatory and statutory approvals, IIFL Finance said in a regulatory filing.

"The board of directors of the company at their meeting held today, June 23, 2022, approved the raising of funds by way of issuance of secured redeemable non-convertible debentures with the shelf limit of Rs 50,000 million, in one or more tranches," it added.

IIFL Finance is a non-banking finance company (NBFC), offering products such as home loans, gold loans, and business loans, including loans against property and medium & small enterprise financing, microfinance, developer and construction finance.

It also offers capital market finance; catering to both retail and corporate clients.

Its subsidiaries IIFL Home Finance Ltd and Samasta Microfinance Ltd -- are engaged in providing a diverse range of loans and mortgages.

The NBFC has a nationwide presence, having 3,119 branches across over 500 cities.

Shares of IIFL Finance were trading at Rs 319.05 apiece on BSE, up by 1.46 per cent from the previous close.