IIFL Finance buys back $50 million of overseas bonds

10 Apr 2022 , 01:34 AM

IIFL Finance has bought back $50 million worth of overseas bonds at par funded by a corresponding loan of the same amount from a global bank which will reduce its cost of funds by approximately 225 basis points on this transaction IIFL Finance had raised $400 million through its maiden overseas bonds issue in February 2020 at an effective issue price of $99875 per $1000 of face value to fund its business growth The Company had in the last two years bought back $263 million worth of bonds in various tranches and launched a tender offer on 21 March 2022 to further buy back up to $50 million worth of bonds After this buyback bonds of $3237 million remain outstanding As on December 2021 IIFL Finances free cash equivalents and undrawn lines stood at Rs 9145 crore adequate to meet not only all the near-term liabilities but also to fund the future growth momentum IIFL Finances loan assets under management was Rs 46780 crore at the end of December 2021 while the capital adequacy ratio stood at 254Percentage and provision coverage ratio was at 133 percent As on December 2021 about 94Percentage of its loan book comprised of retail loans