IIFL Home Finance to Raise ₹500 Crore via Tranche I Prospectus
Tranche I Issue Opens on December 6, 2024 and closes on December 19, 2024
Coupon Rate Upto 9.25% p.a.; Effective Yield Up to 9.27% p.a.
- Public issue of secured, rated, listed, redeemable non-convertible debentures (“NCDs”) of face value and Issue price of ₹ 1,000 each
- The Tranche I Issue includes a base Issue size of ₹ 100 crores with an option to retain oversubscription up to ₹ 400 crores aggregating up to ₹ 500 crores; within a shelf limit of ₹ 3,000 crore
- NCDs proposed to be issued pursuant to the Tranche I Issue are rated as “CRISIL AA/Stable” by CRISIL Ratings Limited and “IND AA/Stable” by India Ratings and Research Private Limited
- Tenor options: 24 months, 36 months, 60 months & 84 months with monthly and annual coupon payment options
- Coupon rate up to 9.25% p.a.** and Effective Yield up to 9.27% p.a.**
- Allotment on first-come-first-serve basis$
- The NCDs are proposed to be listed on BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”). NSE Limited is the designated stock exchange for the Tranche I Issue.
Kanpur: IIFL Home Finance Ltd (“IIFL HFL”) has announced its public issue of secured, rated, listed redeemable non-convertible debentures of the face value of ₹1,000 each (“NCDs”) with a base Issue size of ₹100 crores with an option to retain any oversubscription up to ₹ 400 crores, aggregating up to ₹ 500 crores, which is within the shelf limit of ₹ 3000 crore (“Tranche I Issue”). The Tranche I Issue opens on Friday, December 6, 2024 and closes on Thursday, December 19, 2024 with an option of early closure in compliance with SEBI NCS Regulations.
The NCDs are proposed to be listed on BSE and NSE (“NSE” together with BSE, the “Stock Exchanges”) NSE shall be the Designated Stock Exchange for the Tranche I Issue. The NCDs have been rated as “CRISIL AA/Stable” by CRISIL Ratings Limited and “IND AA/Stable” by India Ratings and Research Private Limited.
The Tranche I Issue offers various series of NCDs for subscription with coupon rates ranging from 8.85% per annum to 9.25% per annum. The NCDs under the Tranche I Issue are being offered with maturity/ tenor options of 24 months, 36 months, 60 months and 84 Months with monthly and annual coupon payments options across series I, II, III, IV, V, VI, VII, VIII and IX. Effective yield (per annum) for the NCD holders in all categories of Investors ranges from 8.85% per annum to 9.27% per annum.
Net proceeds of the Tranche I Issue, after meeting the expenditures of and related to the Tranche I Issue, at least 75% shall be utilised for the purpose of onward lending, financing / refinancing the existing indebtedness of the Company, and/or debt servicing payment of interest and/or repayment / prepayment of interest and principal of existing borrowings of the Company and maximum up to 25% for general corporate purposes.
The terms of each series of NCDs offered under the Tranche I Issue are set out below:
| Particulars | Series 1 | Series II | Series III | Series IV* | Series V | Series VI | Series VII | Series VIII | Series IX |
| Frequency of Interest Payment | Annual | NA | Monthly | Annual | NA | Monthly | Annual | NA | Annual |
| Nature | Secured | ||||||||
| Tenor | 24 months | 36 months | 60 months | 84 months | |||||
| Coupon Rate | 8.85% | NA | 8.65% | 9.00% | NA | 8.90% | 9.25% | NA | 9.25% |
| Effective Yield (% per Annum) | 8.85% | 8.85% | 9.00% | 9.00% | 9.00% | 9.27% | 9.25% | 9.25% | 9.25% |
| Amount on Maturity | ₹1,000 | ₹1,184.85 | ₹1,000 | ₹1,000 | ₹ 1,295.20 | ₹1,000 | ₹ 1,000 | ₹ 1,557 | ₹ 1,000 |
*Our Company shall allocate and allot Series IV NCDs wherein the Applicants have not indicated the choice of the relevant NCD Series.
- With respect to Series where interest is to be paid on an annual basis, relevant interest will be paid on each anniversary of the Deemed Date of Allotment on the face value of the NCDs. The last interest payment under annual Series will be made at the time of redemption of the NCDs.
- With respect to Series where interest is to be paid on monthly basis, relevant interest will be paid on the first date of every month on the face value of the NCDs. The last interest payment under monthly Series will be made at the time of redemption of the NCDs. For the first interest payment for NCDs under the monthly options, interest from the Deemed Date of Allotment till the last day of the subsequent month will be clubbed and paid on the first day of the month next to that subsequent month.
- Subject to applicable tax deducted at source, if any.
- Please refer to Annexure C of Tranche I Prospectus for details pertaining to the cash flows of the Company in accordance with the SEBI NCS Master Circular
- For the Series where interest is to be paid on an annual basis, relevant interest will be paid on each anniversary of the Deemed Date of Allotment on the face value of the NCDs. The last interest payment under annual Series will be made at the time of redemption of the NCDs. For the Series where interest is to be paid on monthly basis, relevant interest will be calculated from the first day till the last date of every month during the tenor of such NCDs and paid on the first day of every subsequent month. For the first interest payment for NCDs under the monthly options, interest from the Deemed Date of Allotment till the last day of the subsequent month will be clubbed and paid on the first day of the month next to that subsequent month.
Trust Investment Advisors Private Limited and IIFL Capital Services Limited (Formerly Known as IIFL Securities Limited)* are the Lead Managers to the Issue. Catalyst Trusteeship Limited is the Debenture Trustee to the Issue and LINK Intime India Private Limited is the Registrar to the Tranche I Issue.
*IIFL Capital Services Limited (formerly known as IIFL Securities Limited) is deemed to be an associate of the Issuer as per the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, as amended (Merchant Bankers Regulations). Further, in compliance with the provisions of Regulation 21A and explanation to Regulation 21A of the Merchant Bankers Regulations, IIFL Capital Services Limited (formerly known as IIFL Securities Limited) would be involved only in marketing of the Issue and as per Regulation 25 (3) of SEBI NCS Regulations shall not issue a due diligence certificate.
# The Tranche I Prospectus dated November 27, 2024 shall be read in conjunction with the statutory advertisement cum corrigendum notice to the Tranche I Prospectus dated December 4, 2024 (together, referred to as the “Tranche I Prospectus”)
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