IIFL Home Finance Files Tranche I Prospectus to Raise upto Rs. 1,000 Cr via Unsecured NCDs
News Desk, News Nation 360 : Retail focused and technology-driven Housing Finance Company, IIFL Home Finance Ltd (“IIFL HFL”) has filed a Tranche I prospectus with BSE Limited and National Stock Exchange of India Limited (“Stock Exchanges”) for a public issue of Unsecured Subordinated Redeemable non-convertible debentures (“Unsecured NCDs”) of the face value of Rs. 1,000 each. The Tranche I Issue includes a Base Issue Size for an amount of Rs. 100 crores (“Base Issue Size”) with a greenshoe of up to Rs. 900 crore aggregating up to Rs. 1,000 crores (“Tranche I Issue”). IIFL HFL’s main focus has been to provide loans to first time home buyers in the economically weaker section and lower-income segments in the suburbs of tier 1, tier 2 and tier 3 cities. Salaried and Self Employed customers account for 44.37% and 55.63% of its Rs. 206,936.87 million AUM as of March 31, 2021, which has grown at a CAGR of 20.64% over the last 5 Fiscal Years. The company has served over 141,000 customers as of March 31, 2021. Its home loan avg ticket size is approx. Rs.1.73 million. Objects of the NCD issue is for the purpose of onward lending, financing and for repayment/prepayment of interest and principal of existing borrowings of the company besides general corporate purposes. Under the PMAY-CLSS scheme, IIFL Home Finance has helped empower over 43,000 customers with more than Rs.10 bn in subsidies as of March 31, 2021. Lead Managers appointed to the issue are Edelweiss Financial Services Limited, IIFL Securities Limited, ICICI Securities Limited, Trust Investment Advisors Private Limited and Equirus Capital Private Limited.
Report : Anustup Kundu