Sep 13, 2013 08:27 AM IST | Source: PTI

India Infoline Fin to raise up to Rs 1,050cr via NCDs

The company would issue the NCDs with a face value of Rs 1,000 each, aggregating up to Rs 525 crore with an option to retain over-subscription of a similar amount.

India Infoline Fin to raise up to Rs 1,050cr via NCDs

India Infoline Finance, the non-banking finance arm of India Infoline, plans to raise up to Rs 1,050 crore by issuing non-convertible debentures (NCDs) for expanding its loan portfolio, including mortgage.

The company would issue the NCDs with a face value of Rs 1,000 each, aggregating up to Rs 525 crore with an option to retain over-subscription of a similar amount.

The NCDs have an investment horizon of 3 years and 5 years.

India Infoline Finance offers an annual coupon of 12 per cent on both the NCDs, which also have the option of monthly interest payment with a yield of 12.68 per cent per annum.

"We are offering an attractive yield of 12.68 per annum on the monthly interest option," IIFL President B K Singh said here today.

The proceeds of the fund would be utilised for expanding asset book of mortgage business, commercial vehicle finance and medical equipment finance, he said.

The issue will open for subscription on September 17 and will close on October 4.

The NCDs will be listed on both BSE and National Stock Exchange.

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