IIFL Home Finance bonds offer annualised yield upto 10.03%
Unsecured NCDs of a face value of Rs 1,000 each; minimum application size of Rs 10,000 (10 Unsecured NCDs)
Retail focused and technology driven housing finance firm IIFL Home Finance Ltd (IIFL HFL) has announced the opening of its public issue of Unsecured Subordinated Redeemable non-convertible debentures (Unsecured NCDs) of the face value of Rs 1,000 each.
NCD issue details
The Tranche I Issue includes a Base Issue Size for an amount of Rs 100 crore (base issue size) with a green shoe of up to Rs 900 crore aggregating up to Rs 1,000 crore (Tranche I Issue).
The NCD issue offers various options for subscription with coupon rates ranging from 9.60% to 10.00% per annum. The Tranche I Issue opens on July 6, 2021 and closes on July 28, 2021, with an option of early closure or extension.
The Unsecured NCDs bear a fixed rate of interest under three different series and have been rated “CRISIL AA/Stable” and “BWR AA+/ Negative (Assigned)” indicates that instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations and carry very low credit risk.
Net proceeds of the issue will be utilized for the purpose of onward lending, financing, and for repayment /prepayment of interest and principal of existing borrowings of our company and balance will be utilised for general corporate purposes.
The terms of each series of Unsecured NCDs, offered under Tranche I Issue are set out below:
Incorporated in 2006 and registered in 2009 with National Housing Bank (NHB), IIFL Home Finance Limited is a wholly-owned subsidiary of IIFL Finance Limited. The Company is one of India’s leading housing finance companies and is a preferred choice for affordable home loan requirements.
Through their affordable home loans, IIFL Home Finance makes people’s aspirations of owning a home a reality. As a technology driven housing finance player, it endeavours to make customer experience as seamless as possible.
It has made the entire life cycle of housing loans i.e., from origination to closure, completely digitised.
As on March 31, 2021 its CRAR – Tier I capital, in accordance with the Reformatted Financial Statements was at 19.61%.