IIFL Samasta Finance, a microfinance company, plans to raise Rs 1,000 crore through a public bond issue to fuel business growth. The bonds offer a 10.50% coupon rate with tenors of 24, 36, and 60 months.
New Delhi, Jun 1 (PTI) IIFL Samasta Finance, a non-banking microfinance company (NBFC-MFI), plans to raise up to Rs 1,000 crore through public issue of secured bonds for the purpose of capital augmentation and business growth.
The bond issue opens on June 3 and closes on June 14, IIFL Samasta Finance said in a statement.
IIFL Samasta Finance plans to issue bonds, aggregating to Rs 200 crore, with a green-shoe option to retain over-subscription of up to Rs 800 crore, it said.
The IIFL Samasta bonds offer the highest coupon rate of 10.50 per cent per annum for a tenor of 60 months, it claimed.
The NCD is available in tenors of 24 months, 36 months and 60 months, it said, adding, the frequency of interest payment is available on monthly and annual basis for each of the series.
The company has a strong physical presence through about 1,500 branches and caters to the credit needs of underserved and unserved population, primarily women entrepreneurs from underprivileged background, IIFL Samasta Finance MD and CEO Venkatesh N said.
The funds raised will be used to meet credit demand from more such customers and bolster business growth, he said.
IIFL Samasta Finance reported a net profit of Rs 503 crore for the financial year 2023-2024, while loan assets under management rose 34.67 per cent to Rs 14,211 crore, it said.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback