IIFL Samasta to raise Rs 1000 cr via bonds

Hyderabad: IIFL Samasta Finance, one of India’s largest non-banking microfinance companies (NBFC-MFI), aims to raise upto Rs1,000 crore through its maiden public issue of secured bonds, for the purpose of business growth. The issue is open during December 4-15. IIFL Samasta Finance has issued bonds, aggregating to Rs200 crore, with a Greenshoe option to retain over-subscription of up to Rs800 crore (aggregating to a total of Rs1,000 cr). The bonds offer the coupon rate of 10.50 per cent, per annum for tenor of 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.

Mohan Kumar, head (treasury), IIFL Samasta Finance, said: “IIFL Samasta Finance has a strong physical presence of across India through about 1,500 branches. It caters to the credit needs of underserved and unserved population, primarily women entrepreneurs from underprivileged background through a well-diversified portfolio. The funds raised will be used to meet credit demand from more such customers and bolster business growth.”