IIFL Finance, a prominent player in the financial services sector, aims to achieve a 25% loan growth in the current fiscal year. The company provides a diverse range of loans and mortgages through its network of over 4,000 branches spread across the country.
“As in the last 2 FYs we have aggressively expanded our branches, we have decided to pause the network expansion. But we will make existing branches more productive, which will lower the cost to income ratio,” said Nirmal Jain, Managing Director, IIFL Finance. Jain spoke on the launch of public issue of secured bonds to raise up to Rs 15 billion for business growth and capital augmentation.
IIFL Finance had fully repaid its maiden dollar-bonds issue of $400 mn in April 2023 with interest upon maturity. Its total borrowings stood at Rs 396.04 billion. The average cost of borrowing was 8.8% in the last FY. Jain added: “Our company is adequately capitalised. This bond issue will close on 22th June, 2023, with an option of early closure. The bonds offer highest effective yield of 9% per annum for a tenor of 60 months.”