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IIFL Samasta to raise Rs 1,000 cr via bonds, offers 10.50% return per annum
IIFL Samasta Finance on Friday said it plans to raise up to Rs 1,000 crore through its maiden public issue of non convertible debentures (NCDs), for the purpose of business growth and capital augmentation.
The non-banking microfinance companies (NBFC-MFI) will issue bonds, aggregating to Rs 200 crore, with a green shoe option to retain over-subscription of up to Rs 800 crore (aggregating to a total of Rs 1,000 crore).
The bonds, which opens for subscription on Monday, proposes to offer highest coupon rate of 10.50 per cent per annum for tenor of 60 months.
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 company caters to the credit needs of underserved and unserved population, primarily women entrepreneurs from underprivileged background through a well-diversified portfolio through a network of 1,500 branches, IIFL Samasta Finance MD and CEO Venkatesh N said.
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