IIFL-Finance- Limited-elite-wealth-ltd

IIFL Finance Limited NCD Company Profile:

IIFL Finance Limited is one of India’s leading players in the financial services space. Together with its subsidiaries – IIFL Samasta Finance Limited (Formerly known as Samasta Microfinance limited), IIFL Home Finance Limited, and IIFL Open Fintech Private Limited, it provides a diverse range of loans and mortgages. These include gold loans, home loans, and business loans including loans against property and medium & small enterprise financing, microfinance, capital market finance, and developer & construction finance, catering to both retail and corporate clients. The company has a nationwide presence with a thriving network of 3,119 branches across 500+ cities.

IIFL Finance Limited is coming out with a debt offering of Secured Redeemable Non-Convertible Debentures with a face value of ₹ 1000 each, a Base Issue size of ₹ 300 Crores, and an option to retain oversubscription up to ₹ 1200 Crores aggregating up to ₹ 1500 crores, being the Tranche-II Issue size. The issue opens for subscription on Friday, 9th June 2023, and will close on or before Thursday, 22nd June 2023. The allotment is on a first come first serve basis with the minimum application to be made is of 10 NCDs.

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    IIFL Finance Limited NCD Details:

    Tranche II Issue opens: Friday, 9th June 2023
    Tranche II Issue closes: Thursday, 22nd June 2023
    Allotment: First Come First Serve Basis
    Face Value: Rs.1,000 per NCD
    Nature of Instrument: Secured Redeemable Non-Convertible Debentures
    Minimum Application: 10 NCDs (Rs.10, 000) & in multiple of 1NCD
    Listing: BSE & NSE
    Credit Rating “CRISIL AA/Stable” (pronounced as CRISIL double A rating with Stable outlook) for an amount of ₹5000 crores by CRISIL Limited (“CRISIL”) and “[ICRA] AA (stable)” (pronounced as ICRA Double A (stable)) for an amount of ₹ 5000 crores by ICRA Limited (“ICRA”)
    Tranche-II Issue Size ₹ 300 Crore (“Base Issue Size”), with a green shoe option up to ₹ 1,200 Crore amounting to ₹ 1,500 Crore (“Tranche II Issue Limit”)
    Minimum Subscription: Minimum subscription is 75% of the Base Issue, i.e., ₹ 225 crores
    Registrar: Link Intime India Private Limited
    Category I – Institutional (“QIB”) II – Non-Institutional (“Corporates”) III – High Net worth

    Individual (“HNI”)

    (Amount aggregating to

    above ₹ 10 lakh)

    IV – Retail Individual (“Retail”) (Amount aggregating up to and including ₹ 10 lakh)
    Category Allocation of the overall Issue Size 10% 10% 40% 40%
    Bucket Size (₹) assuming Issue size of ₹ 1500 Cr ₹ 150 Cr ₹ 150 Cr ₹ 600 Cr ₹ 600 Cr

                                                            IIFL Finance Limited NCD

    Application form

    IIFL Finance Limited NCD Specific Terms of the Prospectus:

    Series I II III* IV V VI VII
    Frequency of Interest Payment Annual Cumulative Annual Cumulative Monthly Annual Cumulative
    Tenor 24






    36 months 60 months 60 months 60 months
    Coupon Rate (% p.a.) for NCD Holders in:
    Category I, II, III & IV 8.35% NA 8.50% NA 8.65% 9.00% NA
    Effective Yield (% p.a.) for :
    Category I, II, III & IV 8.34% 8.35% 8.49% 8.50% 8.99% 8.99% 9.00%
    Amount (₹ / NCD) on Maturity for ^ :
    Category I, II, III & IV ₹1,000 ₹ 1,174.25 ₹1,000 ₹ 1,277.60 ₹1,000 ₹1,000 ₹ 1,539.35
    Interest Frequency Annual Cumulative Annual Cumulative Monthly Annual Cumulative

    *The Company shall allocate and allot Series III NCDs wherein the Applicants have not indicated the choice of the relevant NCD Series.

    IIFL Finance Limited NCD Conclusion:

    With nominal returns potentially going into double digits, this is an attractive proposition due to the current scenarios from a return perspective, which will provide a regular monthly income for up to 5 years. The allotment is on a first come first serve basis. As the NCD is going to be listed on BSE, and NSE one can always encash the amount invested as one desires, and due to the availability of the NCD in only Demat form, one must have a Demat account opened to apply.