IIFL Finance nets $500 million in overseas bond sales
Mumbai: IIFL Finance has raised $500 million by selling international dollar bonds to investors across the world in an issue which was priced on Wednesday. The 3.25 year issue was priced at 7.6% after building an order book of close to $2 billion from large institutional investors.
This is the first dollar bond issued out of India since January, when ReNew Energy raised $600 million by issuing a five-year bond. Since then, geopolitical tensions, particularly stemming from the US-Israel attack on Iran, have led to high overseas yields which are beyond the expectations of Indian companies looking to raise funds from abroad.
Nirmal Jain, founder and managing director at IIFL Finance, told ET the successful issue comes at a time of heightened volatilities, pressure on the rupee and capital outflows from India.
"This $500 million social bond is a defining moment not just for IIFL Finance, but for India’s capital markets. As the first significant international bond offering from India following the recent geopolitical disruption, it reaffirms that India’s established institutions remain credible destinations for long-term global capital — at a time when the country needs it most," Jain said.
This is the first dollar bond issued out of India since January, when ReNew Energy raised $600 million by issuing a five-year bond. Since then, geopolitical tensions, particularly stemming from the US-Israel attack on Iran, have led to high overseas yields which are beyond the expectations of Indian companies looking to raise funds from abroad.
Nirmal Jain, founder and managing director at IIFL Finance, told ET the successful issue comes at a time of heightened volatilities, pressure on the rupee and capital outflows from India.
"This $500 million social bond is a defining moment not just for IIFL Finance, but for India’s capital markets. As the first significant international bond offering from India following the recent geopolitical disruption, it reaffirms that India’s established institutions remain credible destinations for long-term global capital — at a time when the country needs it most," Jain said.
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