IIFL Finance NCD opens for subscription from 09 June 2023. the company aims for a base issue size of ₹300 Crores.
About the company
Incorporated in 1995, IIFL Finance is a Mumbai-based Systemically Important Non-deposit taking NBFC company. The company caters to the credit requirements of a diverse customer base with its products. Its offerings include home loans, gold loans, business loans including loans against property and medium and small enterprise financing, microfinance, construction and real estate finance, and capital market finance, catering to both retail and corporate clients. Its key strategy is to steadily grow high-quality, diversified retail assets focusing on under-banked segments, with effective risk management and cost optimization through well-defined processes and leveraging technology.
IIFL Finance’s revenue from operations on a consolidated basis grew at a CAGR of 19.46% and on a standalone basis grew at a CAGR of 15.27% over the last three Fiscals Years. The total revenue of IIFL Finance for fiscal 2023, 2022, and 2021 was ₹ 8,447.11 crore, ₹ 7,023.61 crore, and ₹ 5,968.05 crore, respectively.
Objectives of the Issue
- Onward lending, financing, and refinancing the existing indebtedness of the company (payment of the interest and/or repayment /prepayment of the principal of borrowings),
- General Corporate Purposes.
IIFL Finance NCD Tranche II June 2023 Detail
| Issue Open | Jun 9, 2023 – Jun 22, 2023 |
| Security Name | IIFL Finance Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | ₹ 300 Crores |
| Issue Size (Shelf) | ₹ 5,000 Crores |
| Issue Price | ₹ 1000 per NCD |
| Face Value | ₹ 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE, NSE |
| Credit Rating | CRISIL AA/Stable by CRISIL Limited and ICRA AA (stable) by ICRA Limited. |
| Tenor | 24, 36 and 60 Months |
| Series | Series I to VII |
| Payment Frequency | Monthly, Annual and Cumulative |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustees | Vardhman Trusteeship Private Limited |
Options and Coupon Rates
| Option | Tenure | Interest Payment | Coupon Rate | Effective Yield | Maturity Amount |
| Series 1 | 24 months | Annual | 8.35% | 8.34% | ₹ 1,000 |
| Series 2 | 24 months | Cumulative | NA | 8.35% | ₹ 1,174.25 |
| Series 3 | 36 months | Annual | 8.50% | 8.49% | ₹ 1,000 |
| Series 4 | 36 months | Cumulative | NA | 8.50% | ₹ 1,277.60 |
| Series 6 | 60 months | Monthly | 8.65% | 8.99% | ₹ 1,000 |
| Series 7 | 60 months | Annual | 9.00% | 8.99% | ₹ 1,000 |
| Series 8 | 60 months | Cumulative | NA | 9.00% | ₹ 1,539.35 |
NCD Rating
The NCDs proposed to be issued under this Issue have been rated CRISIL AA/Stable by CRISIL Ratings Limited and ICRA AA (stable) by ICRA Limited. Such ratings indicated that the instruments are considered to have a high degree of safety regarding timely servicing of financial obligations and carry very low credit risk.
Company Financials
| Period Ended | Total Assets | Total Revenue | Profit After Tax | Reserves and Surplus |
|---|---|---|---|---|
| 31-Mar-21 | 40,662.05 | 5,968.04 | 760.81 | 53.38 |
| 31-Mar-22 | 45,910.44 | 7,023.61 | 1,188.25 | 64.07 |
| 31-Mar-23 | 53,001.33 | 8,447.11 | 1,607.55 | 89.08 |
NCD Allocation Ratio
NCD’s Offered by Category
| Category | NCD’s Reserved |
|---|---|
| Institutional | 300,000 |
| Non-Institutional | 1,200,000 |
| HNI | 0 |
| Retail | 1,200,000 |
| Total NCD’s | 3,000,000 |
Company Promoters
- Mr. Nirmal Bhanwarlal Jain
- Mr. R. Venkataraman
NCD Lead Manager
EQUIRUS CAPITAL PRIVATE LIMITED
12th Floor, C Wing,
Marathon Futurex, N.M. Joshi Marg,
Lower Parel, Mumbai 400 013
Phone: +91 22 4332 0736
Email: iifl.ncd@equirus.com
Website: www.equirus.com
NCD Registrar
LINK INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park
L.B.S. Marg, Vikhroli West
Mumbai – 400 083, Maharashtra
Phone: +91 810 811 4949
Email: iifl.ncd2022@linkintime.co.in
Website: www.linkintime.co.in
Company Contact Details
IIFL FINANCE LIMITED
802, 8th Floor, Hub Town Solaris,
N.S. Phadke Marg, Vijay Nagar,
Andheri East, Mumbai 400069, Maharashtra
Phone: +91 22 6788 1010
Email: csteam@iifl.com
Website: www.iifl.com
Final Thoughts
Non-Convertible Debentures (NCD) are a better investment option for those who are looking for a diversified portfolio. investing in IIFL Finance NCD is purely your personal choice. make a good study and analysis before you make the investment.
Happy Investing
