India's IIFL Home Finance to raise up to 30 billion rupees via public issue

Reuters
1-min read

MUMBAI (Reuters) - India's IIFL Home Finance plans to raise up to 30 billion rupees ($358 million) through a public issue of bonds, according to a draft shelf prospectus filed by the company on Tuesday.

Trust Investment Advisors and IIFL Securities are the lead managers to the home finance company's issue, which is rated AA by Crisil and India Ratings.

The details of the bond issue have not yet been finalised.

In September, Reuters had reported that IIFL Finance is planning to raise 100 billion rupees via debt in October-March period, as the non-bank lender looks to recover from a recent ban on issuing gold loans.

In March, Reserve Bank of India had ordered IIFL Finance to stop sanctioning and disbursing gold loans, citing "material supervisory concerns". The ban was lifted last month.

($1 = 83.7910 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Varun H K)