IIFL launches secured redeemable NCDs
India Infoline Finance Limited (IIFL) , a Non-Banking Financial Company (NBFC) and subsidiary of India Infoline Limited, on Friday declared the soon to be launched public issue of secured redeemable Non-Convertible Debentures (NCD) of face value of Rs. 1,000 each aggregating up to Rs. 5250 million (Base Issue Size) here.
The undertaking has already initiated and will be operative from Sept 17.
IIFL, a diversified financial services organisation having presence across India, is likely to produce another policy for better benefits with high degree of safety in present economic status of our country.
The NCDs have an option of monthly and annual interest payment and the yield works out to 12.68 percent p.a. for the monthly interest option and 12 percent
p.a. for the annual interest option.
The face value of NCD is Rs. 1000 and minimum application is Rs.5000 (5 NCDs).
The NCDs have an investment horizon of 3 years and 5 years and the issue closes on Oct 4.
R Venkataraman, Non Executive Director of IIFL said, "We have successfully maintained a low level of net NPA, which reflects our robust credit appraisal processes and internal control systems, even in this challenging economic environment."
"CARE and Brickwork have rated this issue, proposed under the NCDs, AA'. This generally signifies very low credit risk," said, Mukesh Singh who heads the Gold loan business of IIFL.
(Posted on 14-09-2013)