IIFL Samasta to rise up to Rs. 1,000 Crores via Bonds

 IIFL Samasta Finance, which is one of India’s largest non-banking microfinance companies (NBFC-MFI), will raise up to Rs 1,000 crores through its maiden public issue of secured bonds, for the purpose of business growth and capital augmentation. The bonds offer up to 10.50% and high degree of safety.  The issue opens on Monday, December 4, 2023 and closes on Friday, December 15, 2023. IIFL Samasta is a part of IIFL Finance, which is one of India’s largest retail-focused NBFCs with loan assets under management of Rs 73,066 crore. 

MrAnantha Kumar T, Chief Financial Officer, IIFL Samasta Finance said, “IIFL Samasta Finance has a strong physical presence of across India through about 1,500 branches. The funds raised will be used to meet credit demand from more such customers and bolster business growth.”

IIFL Samasta Finance offers innovative and affordable financial products to women who are enrolled as members and organized as Joint Liability Group from unbanked sections in society including encompassing cultivators, agricultural laborers, vegetable and flower vendors, cloth traders, tailors, craftsmen, as well as household and industrial workers across rural, semi urban and urban areas in India.

The lead managers to the issue are JM Financial Limited, IIFL Securities Limited, Nuvama Wealth Management Limited and Trust Investment Advisors Private Limited. The NCDs will be listed on the BSE Limited and National Stock Exchange of India Limited (NSE), to provide liquidity to investors. 

The IIFL Bonds would be issued at face value of Rs 1,000 and the minimum application size is Rs 10,000 across all categories. The public issue opens on Monday, December 04, 2023 and closes on Friday, December 15, 2023, with an option of early closure. The allotment will be made on first come first served basis.