IIFL Finance to raise funds via public issue

MUMBAI (Reuters) - India's IIFL Finance plans to raise at least 1 billion rupees ($12.10 million) through public issue of non-convertible debentures, according to a product note.

The issue, which also has a greenshoe option to retain an oversubscription of 9 billion rupees, will open for subscription on Friday and close on Jan. 18.

The company is offering bonds maturing in two years, three years and five years at an annual coupon in the range of 8.50% to 9% for investors.

Equirus Capital, Edelweiss, Trust Investment Advisors, IIFL Securities are the lead managers for the bond issue, which is rated AA by CRISIL and ICRA.

Fundraising through public issues is expected to see an uptick in 2023 as retail investors bet on attractive interest rates and companies look to diversify their funding portfolio under tightening liquidity conditions.

($1 = 82.6600 Indian rupees)

(Reporting by Bhakti Tambe; Editing by Sohini Goswami)