Non-banking lender 360 One Prime to raise Rs 1,000 crore from debt sale

Non-banking lender 360 One Prime to raise Rs 1,000 crore from debt sale

Non-banking financial company 360 One Prime, formerly IIFL Wealth, on January 8 said it will raise up to Rs 1,000 crore debt through its maiden public issue of secured, redeemable, Non-Convertible Debentures (NCDs).

The first tranche of the issue, which will be listed on the BSE, will open for subscription on January 11, with a base issue size of Rs 200 crore and an option to retain over-subscription of up to Rs 800 crore, the company in a statement said.

The proceeds from the issue will be used for onward lending, financing/refinancing existing debt and interest payment of existing borrowings and other general corporate purposes.

The company offers a coupon rate of 8.91-9.66 per cent per annum, depending on the tenor — 18, 24, 36, and 60 months with monthly and annual interest payment options across eight series — Karan Bhagat, Founder, and Chief Executive of the company, said.

360 One Prime is a wholly-owned subsidiary of 360 One WAM, which was formerly known as IIFL Wealth Management and is the lending vehicle of the 360 One Group and is a non-deposit taking NBFC.

It primarily offers loans against securities, loan against property and unsecured retail credit.

As of March 2023, the firm's assets under management stood at Rs 4,927 crore and its had registered a net profit of Rs 234.52 crore on a total revenue from of Rs 673.66 crore. PTI BEN SGC TRB