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IIFL Finance to raise up to 10B rupees in bonds

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.