The retail focused NBFC has raised $75 million from HSBC, $50 million from Union Bank (Sydney) and $50 million from Bank of Baroda (IFSC unit).

The funds were raised at SOFR plus 200 basis points offering competitive sources of funds to the rapidly growing NBFC.

IIFL Finance's external commercial borrowing of $175 million in June 2023 along with the $100 million funding raised in March 2023 will take the total borrowing since March 2023 to $275 million.

Earlier on 31 March 2023, the company had raised $100 million through ECB route which included $50 million in long-term funding from Export Development Canada with co-financing of $50 million from Deutsche Bank (Singapore).

Kapish Jain, Group CFO, IIFL Finance said, “These funds are long-term in nature and will help us further strengthen our ALM position and support our continuous growth across our core businesses. This also helps in diversifying our borrowing sources and lower our overall borrowing costs.”

At the end of March 2023, the company at consolidated level has free cash and undrawn lines worth Rs 9,356 crore providing adequate liquidity buffer to services all commitments for the long-term.

In June 2023, the NBFC's secured retail public bonds issue was oversubscribed 1.5 times as it raised Rs 452 crores offering interest rates between 8.35% - 9% for different payment schedules and tenors varying from 24 months to 60 months.

In April, the company which had duly repaid $400 million along with interests it had raised through a maiden dollar bond issue in February 2020.

As on 31 March 2023, the NBFC's loan assets under management stood at Rs 64,638 crore.

IIFL Finance is one of the leading retail focused diversified NBFC in India, engaged in the business of loans and mortgages along with its subsidiaries - IIFL Home Finance and IIFL Samasta Finance. IIFL Finance, through its subsidiaries, offers a wide spectrum of products such as home loan, gold loan, business loan, microfinance, capital market finance and developer & construction finance to a vast customer base of over 8 million+ customers. IIFL Finance has widened its pan-India reach through extensive network of branches spread across the country and various digital channels.

The diversified NBFC reported a 28.61% growth in consolidated net profit to Rs 412.74 crore on 17.74% rise in total income to Rs 2,276.01 crore in Q4 FY23 over Q4 FY22.

Shares of IIFL Finance declined 1.04% to Rs 499.90 on the BSE.