IIFL Finance Ltd. plans to raise up to 10 billion rupees to fund business growth, Press Trust of India reported Aug. 5.

The company will issue up to 1 billion rupees of secured and unsecured redeemable nonconvertible debentures, with a greenshoe option to raise up to 9 billion rupees more, the company said at a conference.

The bonds will carry yields of 10.50% for a tenor of 69 months, and 10% for a tenor of 15 months for secured notes. There will also be a tranche of secured notes with a tenor of 39 months carrying an unspecified coupon.

The notes will be released Aug. 6, with the issuance to close Aug. 30 or earlier.As of Aug. 5, US$1 was equivalent to 70.84 Indian rupees.