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IIFL Finance Limited (IIFL.NS)

406.10

-13.55

(-3.23%)

At close: 3:30 PM GMT+5:30

India's IIFL Finance to raise $152 million via share sale amid ban on gold loans

India's IIFL Finance will raise 12.72 billion rupees ($152 million) by selling shares, the non-bank lender said on Wednesday, aiming to shore up capital a month after the central bank barred it from offering gold loans. In mid-March, IIFL had said it would raise up to 15 billion rupees via a rights issue, which gives preferential treatment to existing shareholders, but had not finalised the amount. That plan came nine days after the Reserve Bank of India (RBI) ordered the company to stop sanctioning, disbursing and selling gold loans due to "material supervisory concerns" in its portfolio.

Reuters 2 days ago

IIFL.NS
-3.23%
UPDATE 1-India's IIFL Finance to raise up to $242 mln via share, debenture issues

IIFL Finance said on Wednesday it would raise funds of up to 20 billion rupees ($241.5 million) as the non-bank lender looks to shore up capital after India's central bank barred it from offering gold loans. The company will raise 15 billion rupees through the issue of shares on a rights basis and five billion rupees through the issue of non-convertible debentures via a private placement, it said in an exchange filing. The Reserve Bank of India (RBI) earlier this month ordered IIFL Finance to stop sanctioning, disbursing and selling gold loans, citing "material supervisory concerns" in its gold loan portfolio, causing a meltdown in the lender's stock.

Reuters last month

IIFL.NS
-3.23%
India's IIFL Finance to raise up to $242 million via share, debenture issues

BENGALURU (Reuters) -IIFL Finance said on Wednesday it would raise funds of up to 20 billion rupees ($241.5 million) as the non-bank lender looks to shore up capital after India's central bank barred it from offering gold loans. The company will raise 15 billion rupees through the issue of shares on a rights basis and five billion rupees through the issue of non-convertible debentures via a private placement, it said in an exchange filing. The Reserve Bank of India (RBI) earlier this month ordered IIFL Finance to stop sanctioning, disbursing and selling gold loans, citing "material supervisory concerns" in its gold loan portfolio, causing a meltdown in the lender's stock.

Reuters last month

IIFL.NS
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India's IIFL Finance to consider fundraise after cenbank clampdown

India's IIFL Finance said on Thursday that it will consider raising of funds on March 13, as the non-bank lender attempts to shore up capital days after the country's central bank barred it from offering gold loans. The company's board will consider raising funds through the issuance of a range of securities, including equity shares or convertible bonds or debentures or warrants, by way of rights issue, private placement, preferential issue or any other methods, it said in an exchange filing. The proposal comes a day after top shareholder Fairfax India agreed to provide up to $200 million in liquidity support to IIFL Finance, assuaging liquidity concerns among investors and lenders after the Reserve Bank of India's direction.

Reuters last month

IIFL.NS
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UPDATE 1-India's IIFL Finance to receive $200 mln liquidity support from Fairfax after RBI ban

India's IIFL Finance said on Wednesday that top shareholder Fairfax India has agreed to provide up to $200 million in liquidity support to the company, days after the country's central bank barred the firm from disbursing gold loans, raising liquidity concerns among investors and lenders. "We have been long-term investors in the IIFL group of companies and have full trust and confidence in the company's strong management team led by Nirmal Jain and R Venkataraman," said Prem Watsa, chairman of Fairfax India, which holds an around 15% stake in IIFL Finance.

Reuters last month

IIFL.NS
-3.23%
India's IIFL Finance plunges after cenbank ban on offering gold loans

BENGALURU (Reuters) -India's IIFL Finance sank 20% on Tuesday after the country's central bank barred the non-banking finance company from offering gold loans, raising concerns about the action's impact on one of the company's largest earning assets. The Reserve Bank of India (RBI) late on Monday flagged "serious deviations" in assessing the gold taken as collateral, breaches in the maximum permitted loan-to-value ratio, and a lack of transparency in charges levied to customers. IIFL Finance's shares were at the bottom of an exchange-imposed trading band and were set for their worst session since October 2008.

Reuters last month

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India central bank bars IIFL Finance from offering gold loans

BENGALURU/MUMBAI (Reuters) -India's central bank on Monday ordered non-bank finance company IIFL Finance to stop sanctioning, disbursing and selling gold loans with immediate effect, citing "material supervisory concerns" in its gold loan portfolio. There were "serious deviations" in assessing the gold taken as collateral and breaches in the maximum permitted loan-to-value ratio, the Reserve Bank of India (RBI) said in a statement, citing findings from an inspection carried out on the company's financial position as on March 31, 2023. The RBI also found that IIFL Finance made significant disbursals and used cash collections more than permitted, and there was a lack of transparency in the charges levied to customer accounts.

Reuters last month

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IIFL Finance diversifies portfolio, HSBC initiates coverage with 'Buy' rating

IIFL Finance, a non-banking financial company, has broadened its portfolio to feature a variety of loans including gold-backed, unsecured personal, affordable housing, property, and microfinance. The company's assets were valued at $8.3 billion as of the first quarter of fiscal year 2024 according to information released on Wednesday.

Investing.com 6 months ago

IIFL.NS
-3.23%
India's IIFL Finance keen to boost fundraising via bonds - official

India's IIFL Finance is keen to raise more funds through the bond market with the recent softening in capital market rates, a senior company official said on Friday. The non-bank financier is in talks with investors such as mutual funds and insurance companies to expand its borrowing in bonds, Jain added. Its borrowing mix currently comprises 60% from banks, 20% from the bond market and the rest from development finance institutions.

Reuters 10 months ago

IIFL.NS
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Performance Overview

Return	IIFL.NS	S&P BSE SENSEX
YTD	-31.66%	+1.17%
1-Year	-11.30%	+22.37%
3-Year	+52.33%	+49.67%

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IIFL Finance Limited (IIFL.NS)

India's IIFL Finance to raise $152 million via share sale amid ban on gold loans

UPDATE 1-India's IIFL Finance to raise up to $242 mln via share, debenture issues

India's IIFL Finance to raise up to $242 million via share, debenture issues

India's IIFL Finance to consider fundraise after cenbank clampdown

UPDATE 1-India's IIFL Finance to receive $200 mln liquidity support from Fairfax after RBI ban

India's IIFL Finance plunges after cenbank ban on offering gold loans

India central bank bars IIFL Finance from offering gold loans

IIFL Finance diversifies portfolio, HSBC initiates coverage with 'Buy' rating

India's IIFL Finance keen to boost fundraising via bonds - official

Performance Overview