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IIFL Home Finance Ltd’s non-convertible debenture issue will open on 6 July and close on 28 July. The problem, which has been rated AA, will offer an effective yield in the range of 9-10 per cent. Tranche one issue includes a base issue size for Rs 100 crore with a greenshoe of up to Rs 900 crore, aggregating up to Rs 1,000 crore. The total shelf size/shelf limit is Rs 5000 crore, IIFL Home said in a release.
“Net proceeds of the issue will be utilised for onward lending, financing, and for repayment /prepayment of interest and principal of existing borrowings of our Company and balance will be utilised for General Corporate Purposes,” IIFL Home said.
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As of 31 March, its CRAR Tier I capital, following the Reformatted Financial Statements, was at 19.61 per cent.
The unsecured NCDs bear a fixed interest rate under three different series and have been rated AA/Stable by Crisil. ‘BWR AA+/ Negative (Assigned)’ indicates that instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations and carry shallow credit risk.
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