IIFL Samasta MD says plan to raise 140-150 bln rupees via debt in FY25


Informist, Monday, Dec 4, 2023

--IIFL Samasta Fin MD: Sees 30% growth in loans FY25 

--IIFL Samasta Fin plans to raise up to 50 bln rupees via debt Oct-Mar 


--IIFL Samasta Fin plans to raise up to 140-150 bln rupees via debt FY25 

--IIFL Samasta plans to raise 10-15 bln rupees via overseas loan FY25 

By Asmita Patil

MUMBAI - IIFL Samasta Finance, a subsidiary of IIFL Finance, plans to raise 140-150 bln rupees through debt instruments in the year starting April, Managing Director and Chief Executive Officer Venkatesh N. said.

"Given the business growth, we should be requiring around 14,000-15,000 crore (140-150 bln rupees)," Venkatesh told Informist on the sidelines of a press conference to announce the company's maiden public issue of non-convertible debentures.

The micro-finance institution, which has raised around 50 bln rupees so far in the current financial year through debt, will raise another 50 bln rupees in Oct-Mar, Venkatesh said.

Of the total funds to be raised in 2024-25, the lender plans to raise up to 10-15 bln rupees through offshore loans, Venkatesh said.

"There's a lot of appetite in the Asian market but interest rates over there are also a little higher. We have started the work, we will keep things ready and when it's favorable we will take it up," Venkatesh said.

IIFL Samasta Finance's parent IIFL Finance recently raised $50 mln through its maiden yen-denominated loan.

"As of now we have around 60% (of borrowing) from banks, we eventually want to bring it down," Venkatesh said.

The company also plans to raise around 20-30 bln rupees through another tranche of public issue of debentures in 2024-25, Venkatesh said.

The company's maiden public issue of debentures, worth up to 10 bln rupees, opened for subscription today. The debentures, maturing in 24, 36, and 60 months, carry coupon in the range of 9.21-10.50%.

IIFL Samasta Finance's loan assets under management stood at 121.96 bln rupees as of Sep 30. The company's loan book is expected to grow by 30% in 2024-25, Venkatesh said.

The company's overall cost of borrowing is currently around 10.4%, and plans to bring it down to 9.8% in the next financial year, Venkatesh said.

Shares of IIFL Finance today closed 3.3% higher at 632.45 rupees on the National Stock Exchange.  End

US$1 = 83.35 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Akul Nishant Akhoury

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