IIFL Finance raises ₹25 crore via Series D39 NCDs at 9.10% coupon
- IIFL Finance allotted 2,500 NCDs aggregating ₹25 crore under Series D39
- Instruments carry a 9.10% p.a. coupon with a two-year tenure
- Principal matures on September 8, 2028, with interest paid annually
- Secured by first-ranking charge over performing loans and receivables
- Additional interest of 2% p.a. applies in case of payment defaults
*this image is generated using AI for illustrative purposes only.
IIFL Finance Limited has allotted ₹25 crore worth of secured non-convertible debentures (NCDs) on a private placement basis. The issuance, designated as Series D39, was approved by the company’s Finance Committee on September 9, 2026.
The deal involves the allotment of 2,500 debentures, each with a face value of ₹1 lakh. The instruments are listed on the National Stock Exchange of India Limited and carry a coupon rate of 9.10% per annum. Interest payments are scheduled for September 9, 2027, and September 8, 2028, with the principal amount redeemable on the latter date.
Instrument Details
The NCDs have a tenure of two years from the deemed date of allotment. Key terms of the issuance are outlined below:
| Parameter | Details |
|---|---|
| Issue Size | ₹25 crore |
| Number of Debentures | 2,500 |
| Face Value | ₹1 lakh each |
| Coupon Rate | 9.10% p.a. |
| Tenure | 2 years |
| Maturity Date | September 8, 2028 |
| Listing Venue | National Stock Exchange |
Security Structure
The debentures are secured by a first-ranking pari passu charge over specific assets of IIFL Finance. This includes current, standard, and performing book debts, loans, advances, and receivables arising from gold loans, MSME/business loans, real estate loans, capital market loans, and loans against property.
The security cover excludes receivables exclusively charged to existing holders as disclosed to the Debenture Trustee. The company must maintain the required security cover throughout the tenor of the debentures.
Default Provisions
In the event of a default, including delays in interest or principal payments exceeding three months, IIFL Finance is obligated to pay additional interest at 2% per annum over the coupon rate. This penalty applies from the date of the default event until it is cured to the satisfaction of the Debenture Trustee.
Historical Stock Returns for IIFL Finance
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -3.64% | -5.32% | -1.08% | +24.75% | +35.26% | +121.94% |
How does the 9.10% coupon rate compare to current market benchmarks for NBFC NCDs, and what does this imply about IIFL Finance's cost of capital?
What specific strategic initiatives or asset classes will IIFL Finance prioritize with the ₹25 crore raised from this Series D39 issuance?
Given the security cover includes gold and MSME loans, how might rising interest rates or economic slowdowns impact the quality of these underlying assets?
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