IIFCL To Raise Upto Rs.2,000 Crore Via Bonds
India Infrastructure Finance Company Ltd (IIFCL), a state-owned financier, is expected to tap debt capital markets next week to raise up to 2,000 crore through 10-year bonds.
As Stated by sources familiar with the developments, IIFCL's bond sale will have a base size of 500 crore and a green shoe option worth 1,500 crore.
According to sources, the debt sale will be bid on on the BSE bond platform on Monday, May 29, from 11:00 a.m. to 12:15 p.m. IST. ICRA and India Ratings have assigned the bonds AAA ratings.
Earlier this month, IIFCL's managing director PR Jaishankar told media that the company plans to nearly double its loan sanctioning and disbursement in the current fiscal year.
The company is aiming for loan sanctions worth ₹35,000 crore while the disbursement target is around ₹20,000 crore, Jaishankar said.
In the previous fiscal year, IIFCL's sanctions and disbursements were at ₹29,171 crore and ₹13,826 crore, respectively. Jaishankar said that the company plans to raise over ₹16,000 crore in the current financial year in order to finance business growth.