IFL Finance files preliminary papers with SEBI for IPO
IFL Finance has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO). The proposed IPO comprises a fresh issue of up to 3.55 crore equity shares and an offer-for-sale (OFS) of up to 30 lakh equity shares by existing shareholders.
The company proposes to utilise the proceeds from the fresh issue to augment its Tier-I capital base to support future capital requirements, including lending activities, and to comply with the capital adequacy norms. Aryaman Financial Services is the sole book-running lead manager to the issue.
IFL Finance is a non-deposit-taking NBFC classified as an Investment and Credit Company (NBFC-ICC) under the RBI's Base Layer framework. The company primarily provides secured retail loans with a focus on gold loans.
