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IIFL Finance raises $175mn from HSBC, Union Bank

July 04, 2023

IIFL Finance raises $175mn from HSBC, Union Bank
One of India’s largest non-banking finance companies, IIFL Finance on Monday said that it has raised $175 million from HSBC, Union Bank, and Bank of Baroda through the external commercial borrowing (ECB) route in June 2023, the company said in an exchange filing. 

In addition, IIF Finance also raised $100 million through the ECB route in March 2023. It includes $50 million in long-term funding from Export Development Canada and the co-financing of $50 million from Deutsche Bank (Singapore).
 
In the exchange filing, Kapish Jain, Group CFO, IIFL Finance said, “These funds are long-term in nature and will help us further strengthen our ALM position and support our continuous growth across our core businesses. This also helps in diversifying our borrowing sources and lower our overall borrowing costs.”
 
In June this year, IIFL Finance Ltd opened a public issue of secured bonds to raise ₹1,500 crore. The firm further said it will raise funds via secured non-convertible debentures (NCDs).
 
For a tenure of 60 months, the bonds offer an effective yield of 9 percent per annum and the NCD is available in tenures of 24 months, 36 months, and 60 months. Among others, the firm said the frequency of interest payment is available on an annual, at-maturity basis and a monthly option for 60-month tenure.
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