The NBFC had raised $400 million through a medium-term note (MTN) program in February 2020.

In a regulatory filing, IIFL Finance said that it has fully repaid its maiden dollar bonds issue due in April 2023 along with interest upon maturity.

Kapish Jain, Group CFO at IIFL Finance said, “The company successfully concluded its maiden MTN program and timely completed all its obligation towards the same with full payment of $400 million to all its investors a portion of which was prepaid earlier in fiscal 2023 itself. This is a demonstration of strong treasury management capabilities and financial strength of IIFL Finance group. This has also established a strong track record for the company in international bond market.”

On April 6, Moody's upgraded IIFL Finance's credit rating from B2 to B1, retaining ‘stable' outlook on the company which also includes the MTNs. Moody's said the upgrade has been driven by factors such as higher share of off-balance sheet loans; further fortifying its asset-light business model and improvement in the company's key metrics of funding, profitability.

Earlier this month, IIFL Finance also secured $100 million in long-term funding, jointly, from Export Development Canada (EDC) and Deutsche Bank.

IIFL Finance is one of the largest retail-focused non-banking financial companies in India, engaged in the business of loans and mortgages along with its subsidiaries - IIFL Home Finance and IIFL Samasta Finance. The company's consolidated core business segments include home loan, gold loan, digital loan and micro finance loans catering to mostly unbanked and underbanked customers.

The company's consolidated net profit rose 22.2% to Rs 378.30 crore on 16.3% increase in total income to Rs 2144.56 crore in Q3 FY23 over Q3 FY22.

Shares of IIFL Finance declined 1.42% to close at Rs 453.30 on Friday, 21 April 2023.