IIFL Finance To Close NCD Issue Early After Oversubscription

IIFL Finance on Thursday said it will close the Tranche I issue of its non-convertible debentures on Friday after the issue was oversubscribed 4.75 times, totalling ₹4.75 billion as of Wednesday, the company said in a filing. The issue will remain open for subscriptions until 1530 IST.

The company had launched the public issue on March 31 after receiving board approval on March 29 to raise up to ₹5.00 billion, with the option to close early or extend. The original closing date was set for April 23.

The issue had a base size of ₹1.00 billion and a green shoe option of ₹4.00 billion, under a larger shelf limit of ₹25.00 billion. The debentures have tenures of 15, 24, 36, and 60 months, offering coupon rates between 9.00% and 10.25%. Allotment of the NCDs is scheduled for April 29.