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Kochi: Retail focused and technology-driven Housing Finance Company, IIFL Home Finance Ltd (“IIFL HFL”) has announced the opening of its 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”). The NCD issue offers various options for subscription with coupon rates ranging from 9.60% to 10.00% per annum. The Tranche I Issue opens on July 6, 2021 and closes on July 28, 2021, with an option of early closure or extension.
The Unsecured NCDs bear a fixed rate of interest under three different series and have been rated “CRISIL AA/Stable” and “BWR AA+/ Negative (Assigned)” indicates that instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations and carry very low credit risk.
Net proceeds of the Issue will be utilized for for the purpose of 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.
As on March 31, 2021 its CRAR – Tier I capital, in accordance with the Reformatted Financial Statements was at 19.61%
The terms of each series of Unsecured NCDs, offered under Tranche I Issue are set out below:
|
Series |
I |
II |
III |
|
Frequency of Interest Payment |
Annual |
Monthly |
At Maturity |
|
Minimum Application |
(₹10,000, 10 Unsecured NCDs) across all Series |
||
|
Face Value/ Issue Price of NCDs (₹/ NCD) |
₹1,000 |
||
|
In Multiples of thereafter (₹) |
₹1,000 (One Unsecured NCD) |
||
|
Tenor (in months) |
87 |
87 |
87 |
|
Coupon (% per annum) for NCD Holders in all Category |
10.00% |
9.60% |
NA |
|
Effective Yield (% per annum) for Unsecured NCD Holders in all Category |
10.00% |
10.03% |
10.02% |
|
Mode of Interest Payment |
Through various mode available |
||
|
Amount (₹ / NCD) on Maturity for Unsecured NCD Holders in all Category |
1,000 |
1,000 |
2,000 |
|
Put and Call Option |
NA |
NA |
NA |
The Lead Managers to the issue are Edelweiss Financial Services Limited, IIFL Securities Limited*, ICICI Securities Limited, Trust Investment Advisors Private Limited and Equirus Capital Private Limited
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