IIFL Finance gains on raising $175 million through ECB route
IIFL Finance is currently trading at Rs. 502.50, up by 2.55 points or 0.51% from its previous closing of Rs. 499.95 on the BSE.
The scrip opened at Rs. 499.95 and has touched a high and low of Rs. 510.95 and Rs. 499.95 respectively. So far 16696 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 538.40 on 02-Feb-2023 and a 52 week low of Rs. 323.30 on 22-Aug-2022.
Last one week high and low of the scrip stood at Rs. 517.35 and Rs. 492.10 respectively. The current market cap of the company is Rs. 19173.09 crore.
The promoters holding in the company stood at 24.85%, while Institutions and Non-Institutions held 32.13% and 43.02% respectively.
IIFL Finance has raised $175 million through external commercial borrowing (ECB) route. It has raised $75 million from HSBC and $50 million each from Union Bank's Sydney branch and Bank of Baroda's IFSC unit. With this debt raising, IIFL Finance has raised $275 million in ECB since March this year when it had mopped up $100 million from the Export Development Canada and Deutsche Bank Singapore.
These funds are long-term in nature and will help the company further strengthen its asset liability position and support growth, besides helping diversify its borrowing sources and lower the company's overall borrowing costs.
IIFL Finance is an Indian diversified financial services company.
