CHENNAI: The issuance of unsecured redeemable non-convertible debentures by India Infoline Housing Finance Limited (IIHFL), the housing finance subsidiary of IIFL Holdings Limited, has been oversubscribed 2.24 times of the base issue. Based on stock exchange data, total collections stood at Rs 224.5 crore, which is 2.24 times of the base issue.
On March 12, the company announced the NCD issue size of Rs 100 crore with an option to retain over-subscription up to Rs 100 crore, aggregating to a total of up to Rs 200 crore. The bond issue is rated 'CRISIL AA-/Stable' by CRISIL, '[ICRA] AA- Outlook: Stable' by ICRA.
India Infoline Housing Finance Ltd is registered as a housing finance company with the National Housing Bank ( NHB).
Its maiden public issue of IIFL home bonds with a 5-year tenor offered an attractive 12.15% p.a. yield, with a coupon of 11.52% p.a., payable monthly. IIFL home bonds are rated 'CRISIL AA-/Stable' by CRISIL and 'CARE AA-' [CARE AA Minus] by CARE.
The previous IIFL home bond received overwhelming response and was also oversubscribed 2.13%. It was the first ever public issue of bonds by any private sector housing finance company in India, according to Prime Database. IIFL raised Rs 1,550 crore through two bond issues during 2013.
IIHFL offers housing loans and loans against property. IIHFL's lending products include mortgage loans, which includes retail mortgage loans and corporate mortgage loans. These loans are bifurcated into housing loans and loans against property.
IIHFL's income from operations and profit after tax (PAT) of IIHFL for the financial year ending March 31,2013 stood at Rs 45.19 crore and Rs 13.96 crore respectively, and for the half year ending September 30, 2013 stood at Rs 39.02 crore and Rs 11.78 crore respectively.