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The issue will open on 11 January 2024 and it will close on 24 January 2024. The company is offering NCDs worth Rs 200 crore with a green-shoe option to retain oversubscription up to Rs 800 crore, aggregating to a total of Rs 1000 crore which is within the shelf limit of Rs 1500 crore. The bonds will be issued at a face value of Rs 1,000, with a minimum lot size of 10 NCDs, and will be listed on the Bombay Stock Exchange (BSE).
The NCDs will be available in seven series, with tenors of 18, 24, 36, and 60 months, carrying a fixed coupon rate of 8.91% to 9.66% per annum.
The NCDs proposed to be issued have been rated CRISIL AA/Stable by CRISIL Ratings and [ICRA]AA (Stable) by ICRA. Such instruments carry very low credit risk.
The company proposes to raise funds for the purpose of onward lending, financing / refinancing the existing indebtedness of the Company, and/or debt servicing (payment of interest and/or repayment / prepayment of interest and principal of existing borrowings of the Company) and General Corporate Purposes.
360 ONE Prime (formerly known as IIFL Wealth Prime) is a non-deposit taking non-banking financial company and a wholly owned subsidiary of 360 ONE WAM (formerly known as IIFL Wealth Management) operating as a lending vehicle of the 360 ONE group. Its product suite primarily includes Loans against Securities (LAS), Loan-against-Property (LAP) and unsecured lending products. It provides customized lending solutions including financing against a combination of liquid and illiquid financial assets to meet all funding requirements of its clients in form of term loans and advances. AUM of the Company has grown to Rs 4926.79 crore end March 2023 from Rs 3703.25 crore end March 2021.
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