IIFL Finance Limited has announced the approval for the allotment of 35,000 Secured, Listed, Rated, Redeemable Non-Convertible Debentures (NCDs) under Series D37. The total issue size aggregates to ₹3,500 crore, with a face value of ₹1,00,000 per debenture. These NCDs are issued on a private placement basis and will be listed on the National Stock Exchange of India Limited. The tenure of the instrument is 730 days, with maturity on September 01, 2028, carrying an interest rate of 9.25% per annum.
IIFL Finance Secures ₹3,500 Crore Funding Through NCDs
IIFL Finance Limited has successfully secured significant capital through the allotment of Non-Convertible Debentures (NCDs) on a private placement basis. The Finance Committee of the Board of Directors approved the allotment of 35,000 Secured, Listed, Rated, Redeemable NCDs, series D37. The total aggregate value of this issuance is a substantial ₹3,500 crore, with each debenture having a face value of ₹1,00,000.
Key Details of the Debenture Issue
These NCDs, designated as Series D37, are intended to be Listed on the National Stock Exchange of India Limited. The instrument carries a tenure of 730 days from the deemed date of allotment. The debentures are scheduled to mature on September 01, 2028. The annual coupon interest rate offered to investors is fixed at 9.25% per annum. Interest payments are slated for September 02, 2027, and September 01, 2028, with the principal repayment due on September 01, 2028.
Security and Charge
The issued debentures are secured, carrying a first ranking pari passu charge over specified assets of the company. This includes all current, standard, and performing book debts, loans and advances, and current assets/receivables of IIFL Finance. These assets arise from various loan categories such as gold loans, MSME/business loans, real estate loans, capital market loans, and loans against property granted to its customers. The charge extends to existing and future receivables, ensuring the security cover is maintained throughout the tenor of the debentures.
Additional Terms
In the event of any Event of Default, including a delay in payment of coupon or principal, the company shall pay an additional interest at 2% per annum over the applicable coupon rate. This additional interest will apply to defaulted amounts or outstanding principal, for the period the default persists.
Source: BSE
