December 13, 2024
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IIFL Home Finance Limited NCD December 2024 Details & Guidance
NCD Issue Opens on 6 December 2024
NCD Issue Closes on 19 December 2024
# NCD Review/Guidance is given at the bottom of the post
About the Company:
IIFL Home Finance Ltd, established in 2009, is a subsidiary of IIFL Finance, a leading financial services provider specializing in loans and mortgages.
IIFL offers a diverse range of products, including home loans, gold loans, business loans, loans against property, SME financing, microfinance, developer and construction finance, as well as capital market financing, catering to both retail and corporate clients.
As of September 30, 2024, the company has successfully served over 427,048 customers.
The company’s mortgage-related loan offerings include:
- Housing loans for the purchase of ready-built or under-construction residential units, self-construction, home improvements, and land for residential purposes.
- Secured business loans for working capital, business needs, and commercial property acquisitions.
- Affordable housing project loans to fund the construction of reputable developers’ affordable housing projects.
With a presence across 387 branches in 18 states and 2 Union Territories as of September 30, 2024, IIFL Home Finance primarily operates in Delhi NCR, Gujarat, Andhra Pradesh, Telangana, Madhya Pradesh, Karnataka, Rajasthan, Maharashtra, and Tamil Nadu.
As of September 30, 2024, the company’s total borrowings amounted to Rs 16,867.54 crores, compared to Rs 17,683.61 crores as of March 31, 2024, Rs 14,953.20 crores as of March 31, 2023, and Rs 14,220.61 crores as of March 31, 2022. The average cost of borrowings during these periods was 8.32% for 2024, 8.30% for 2023, 7.99% for 2022, and 7.92% for 2021.
As of September 30, 2024, IIFL Home Finance had a workforce of 5,434 employees.
Get more details about the company @ https://www.iiflhomeloans.com/
NCD Promoter:
The Promoter of the company is IIFL Finance ltd
NCD Rating
CRISIL Ratings Limited has rated the Secured NCDs CRISIL AA/Stable (stable outlook) for Rs 3000 crores.
| IIFL Home Finance NCD Tranche I December 2024 Detail | |
| Issue Open | December 6, 2024 – December 19, 2024 |
| Security Name | IIFL Home Finance Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 100.00 Crores |
| Issue Size (Oversubscription) | Rs 400.00 Crores |
| Tranche Issue Size | Rs 500.00 Crores |
| Issue Size (Shelf) | Rs 3,000.00 Crores |
| Tranche Number | 1 |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE, NSE |
| Credit Rating | CRISIL AA/Stable |
| Tenor | 24, 36, 60 and 84 Months |
| Series | Series I to IX |
| Payment Frequency | Monthly and Annually |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Catalyst Trusteeship Limited |
| NCD Allocation Ratio | |
| Category | NCD’s Allocated |
| Institutional | 20% |
| Non-Institutional | 20% |
| HNI | 30% |
| Retail | 30% |
| IIFL Home Finance Limited NCD Coupon Rates | |||||||||
| Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 | Series 8 | Series 9 | |
| Frequency of Interest Payment | Annual | NA | Monthly | Annual | NA | Monthly | Annual | NA | Annual |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 24 Months | 24 Months | 36 Months | 36 Months | 36 Months | 60 Months | 60 Months | 60 Months | 84 Months |
| Coupon (% per Annum) | 8.85% | NA | 8.65% | 9% | NA | 8.90% | 9.25% | NA | 9.25% |
| Effective Yield (% per Annum) | 8.85% | 8.85% | 9% | 9% | 9% | 9.27% | 9.25% | 9.25% | 9.25% |
| Amount on Maturity (In Rs.) | Rs 1,000 | Rs 1,184.85 | Rs 1,000 | Rs 1,000 | Rs 1,295.2 | Rs 1,000 | Rs 1,000 | Rs 1,557 | Rs 1,000 |
IIFL Home Finance December 2024 Details & Guidance
Objects of the Issue
The objects of the Tranche I Issue and the amount proposed to be financed from Net Proceeds:
- For onward lending, financing, and repayment/prepayment of interest and principal of existing borrowings.
- General Corporate Purposes.
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| Company Financials | ||||
| IIFL Home Finance Limited Financial Information (Restated Consolidated) | ||||
| IIFL Home Finance Limited’s revenue increased by 21% and profit after tax (PAT) rose by 30% between the financial year ending with March 31, 2024 and March 31, 2023. | ||||
| Period Ended | 30/09/2024 | 31/03/24 | 31/03/23 | 31/03/22 |
| Assets | 24,807.79 | 25,434.31 | 21,785.18 | 18,009.90 |
| Revenue | 1,881.18 | 3,293.59 | 2,731.16 | 2,221.44 |
| Profit After Tax | 566.28 | 1,026.84 | 790.33 | 578 |
| Net Worth | 7,044.99 | 644.2 | 554.96 | 267.67 |
| Total Borrowing | 16,867.54 | |||
| Amount in Rs Crore | ||||
Address of the Company
IIFL Home Finance Limited
IIFL House, Sun Infotech Park
Road No. 16V, Plot No. B-23, MIDC Thane Industrial
Wagle Estate, Thane 400 604, Maharashtra
NCD Lead Managers
Trust Investment Advisors Private Limited
Iifl Securities Ltd
NCD Registrar
Linkintime India Pvt. Limited
IIFL Home Finance NCD December 2024
Subscription Status on December 13, 2024, 5.00 pm
| Category | Subscription |
| Retail | 0.00 X |
| HNI | 0.00 X |
| Non-Institutional | 0.00 X |
| Institutional | 0.00 X |
| Total | 0.00 X |
IIFL Home Finance NCD December 2024
IIFL Home Finance NCD December 2024 Review by Paresh Gordhandas, CA & Research Analyst
1. IIFL Home Finance Ltd, established in 2009, is a subsidiary of IIFL Finance, a leading financial services provider specializing in loans and mortgages. As of September 30, 2024, the company’s total borrowings amounted to Rs 16,867.54 crores, compared to the net worth of Rs. 7045 crores.
2. The NCDs proposed to be issued under this Issue have been rated CRISIL AA/Stable (stable outlook) for Rs 3000 crores.
3. The company has extra strong track record of profitability during last 2 years, more particularly during the first 6 months of the current year.
4. Looking to the risk/return ratio for this NCD, I recommend small investment in this NCD.
