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Mumbai: 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 green shoe of up to Rs. 900 crore aggregating up to Rs. 1,000 crores (“Tranche I Issue”).
Objects of the NCD issue are 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.
IIFL HFL’s main focus has been to provide loans to first-time homebuyers 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.
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.
* IIFL Securities Limited is deemed to be our associate as per the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, as amended (Merchant Bankers Regulations). Further, in compliance with the provisions of Regulation 21A and explanation to Regulation 21A of the Merchant Bankers Regulations, IIFL Securities Limited would be involved only in marketing of the Issue.
Capitalised terms not defined herein shall have the same meaning as assigned to such terms in the Shelf Prospectus dated June 29, 2021 and Tranche I Prospectus dated June 29, 2021.
Disclaimer:
IIFL Home Finance Limited (“Company”), subject to market conditions, and other considerations, is proposing a public offer of secured redeemable non convertible debentures and / or unsecured subordinated redeemable non-convertible debentures and has filed a Shelf Prospectus dated June 29, 2021 (“Shelf Prospectus”) and Tranche I Prospectus dated June 29, 2021 (“Tranche I Prospectus”) with the Registrar of Companies, Maharashtra at Mumbai, BSE Limited (“BSE”), National Stock Exchange of India Limited (“NSE”) and Securities and Exchange Board of India (“SEBI”). The Shelf Prospectus and Tranche I Prospectus is available on the website of the Company at www.iifl.com/home-loans, on the website of BSE at www.bseindia.com, on the website of NSE at www.nseindia.com, on the website of the lead managers at www.edelweissfin.com, www.iiflcap.com, www.icicisecurities.com, www.trustgroup.in and www.equirus.com, and on the website of SEBI at www.sebi.gov.in. Investors proposing to participate in the Issue should note that investment in the NCDs involves a high degree of risk and for details in relation to the same, refer to the Shelf Prospectus and Tranche I Prospectus, including the section titled “Risk Factors” and “Material Developments” beginning on page 19 and 29 of the Shelf Prospectus and Tranche I Prospectus respectively.
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