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 public issue of secured bonds, for the purpose of capital augmentation and business growth. The bonds offer up to 10.50% and high degree of safety. The issue opens on Monday, June 3, 2024 and closes on Friday, June 14, 2024.
IIFL Samasta Finance plans to issue bonds totaling Rs 200 crore, with a green-shoe option to retain up to Rs 800 crore (aggregating to a total of Rs 1,000 crore), with the highest coupon rate of 10.50% per annum for 60 months. The NCD is available in tenors of 24 months, 36 months and 60 months. The frequency of interest payment is available on monthly and annual basis for each of the series.
The credit rating is “CRISIL AA-/Watch Developing” by CRISIL Ratings Limited and “Acuite AA| Rating Watch Negative Implication” by Acuite Ratings and Research Limited. IIFL Samasta Finance’s MD and CEO Mr. Venkatesh N said, “The funds raised will be used to meet credit demand from more such customers and bolster business growth.” IIFL Samasta Finance provides innovative and affordable financial products to women from unbanked sections in India, including cultivators, agricultural laborers, vegetable vendors, cloth traders, tailors, craftsmen, and household and industrial workers across rural, semi-urban, and urban areas.
