IIFL home bonds oversubscribed 2.24 times
The issuance of unsecured redeemable non-convertible debentures by India Infoline Housing Finance Limited (IIFL), which is the housing finance subsidiary of IIFL Holdings Limited, has been oversubscribed 2.24 times of the base issue. As per the stock exchange data the total collection was Rs 224.5 crore which is 2.24 times of the base issue.
The company announced the NCD issue size of Rs 100 crore with a choice to retain over subscription up to Rs 100 crore and the total sums up to Rs 200 crore. The rating of issued bonds is ‘CRISIL AA-/Stable’ by CRISIL, ‘[ICRA] AA- Outlook: Stable’ by ICRA.
The IIFHL is registered as HFCs with the National Housing Bank (NHB).
Its first public issue of IIFL home bonds with a 5 year period offered an attractive rate of 12.15% p.a. yield, with a coupon of 11.52% p.a., payable monthly. The rating of IIFL home bonds are rated ‘CRISIL AA-/Stable’ by CRISIL and ‘CARE AA-’ [CARE AA Minus] by CARE.
The last IIFL home bond received a huge response and was also oversubscribed 2.13%. This was first ever public issue of bonds by any private sector HFC in India. The IIFL collected Rs 1,550 crore through two bond issues during the period of 2013.
IIFHL provides housing loans and loans against property. IIHFL also provides mortgage loans, which includes retail mortgage loans and corporate mortgage loans. These loans are divided into housing loans and loans against property.
IIFHL’s income from its working and profit after tax of IIFHL for the financial year 2013 was Rs 45.19 crore and Rs 13.96 crore respectively.
Source: The Times of India
HFC, Housing finance, Housing finance companies, Housing finance companies in India, Housing loans, housing loans and loans against property, IIFHL, IIFL, IIFL home bonds, India Infoline Housing Finance Limited, loans against property, mortgage loans, National Housing Bank, Non-Convertible Debentures, Stock exchange
