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Photo: Mint
Photo: Mint

IIFL Finance to raise up to $300 mn via bonds

  • The proposed fundraise is part of its $1 billion medium-term note programme
  • IIFL Finance mandates Standard Chartered Bank, UBS and Emirates NBD Capital, among others, to advise on the bond sale

MUMBAI : Non-bank lender IIFL Finance Ltd is set to raise up to $300 million by selling dollar bonds, two people said, requesting anonymity.

On Wednesday evening, the company informed the stock exchanges about its meetings with investors across Asia, Europe and West Asia starting on 7 February for a medium-term note (MTN) programme.

It has mandated Standard Chartered Bank, UBS and Emirates NBD Capital, among others, to advise on the bond sale, the filing said. “Depending on the market conditions, the bond offering could be launched as early as Friday. While they are aiming to raise $300 million, if the demand is good, they could up-size the deal to $500 million," said the first person. The proceeds will be used for on-lending and supporting growth of the businesses, he added.

The lender has been rated Ba3 (stable) by Moody’s and BB- (stable) by Fitch. Email queries to IIFL Finance remained unanswered.

The proposed fundraise is part of its $1 billion MTN programme, which will allow it to make multiple bond offerings over a period of time, without having to seek regulatory approval for each offer.

In the quarter ended 31 December, IIFL Finance’s loan assets under management grew 11% y-o-y to 36,015 crore.

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