TRANCHE II PROSPECTUS
June 2, 2023
IIFL FINANCE LIMITED
IIFL Finance Limited (the "Company" or "Issuer") was incorporated at Mumbai on October 18, 1995 as a private limited company with the name Probity Research & Services Priv ate Limited under the provisions of the Companies Act, 1956. The status of our Company was changed to a public limited company and our name was cha nged to Probity Research & Services Limited pursuant to a fresh certificate of incorporation dated on April 28, 2000 issued by the Registrar of Companies, Maharashtra, Mumbai. The name of our Company was subsequently changed to India Infoline.Com Limited, and a fresh certificate of incorporation, consequent upon change of name was issued by the Regist rar of Companies, Maharashtra, Mumbai on May 23, 2000. The name of our Company was further changed to India Infoline Limited, and a fresh certificate of incorporation, consequent upon change of name was issued by the Registrar of Companies, Maharashtra, Mumbai on March 23, 2001. Thereafter, the name of our Company was changed to IIFL Holdings Limited, and a fresh certificate of incorporation, consequent upon cha nge of name was issued by Registrar of Companies, Maharashtra, Mumbai on February 18, 2014. Thereafter, the name of our Company was changed to IIFL Finance Limited and a fresh certificate of incorporation, consequent upon change of name was issued by Registrar of Companies, Maharashtra, Mumbai on May 24, 2019. A lso, our Company has obtained a Certificate of Registration dated March 06, 2020 bearing Registration No. N-13.02386 issued by the Reserve Bank of India ("RBI") to commence the business of a non-banking financial institution without accepting public deposits under Section 45 IA of the RBI Act, 1934. Our Company is a Systemically Important Non-Deposit taking Non-Banking Finance Company ("NBFC"). For more information about the Company, please see "General Information" and "History and Main Objects" on pages 46 and 144, respectively of this Tranche II Prospectus.
Registered Office: IIFL House, Sun Infotech Park, Road No. 16V, Plot No. B-23, Thane Industrial Area, Wagle Estate, Thane 400 604, Maharashtra, India;
Tel.: +91 22 4103 5000; Fax: +91 22 2580 6654; PAN: AABCI0745G; Website: www.iifl.com; CIN: L67100MH1995PLC093797
Corporate Office: 802, 8th Floor, Hub Town Solaris, N.S. Phadke Marg, Vijay Nagar, Andheri East, Mumbai 400069, Maharashtra, India.; Tel.: +91 22 6788 1000; Fax: +91 22 6788 1010;
Chief Financial Officer: Kapish Jain; Email: kapish.jain@iifl.com; Telephone: +91 22 6788 1000
Company Secretary and Compliance Officer: Sneha Patwardhan; Email: csteam@iifl.com; Telephone: +91 22 6788 1000
PUBLIC ISSUE BY IIFL FINANCE LIMITED ("COMPANY" OR THE "ISSUER") OF SECURED REDEEMABLE NON-CONVERTIBLE DEBENTURES OF FACE VALUE OF ₹1,000 EACH ("NCDS" OR "DEBENTURES") FOR AN AMOUNT OF ₹ 300 CRORE ("BASE ISSUE SIZE") WITH A GREEN SHOE OPTION OF UP TO ₹ 1,200 CRORE AMOUNTING TO ₹1,500 CRORE ("TRANCHE II ISSUE LIMIT") ("TRANCHE II ISSUE") WHICH IS WITHIN THE SHELF LIMIT OF ₹ 5,000 CRORE AND IS BEING OFFERED BY WAY OF THIS TRANCHE II PROSPECTUS DATED JUNE 2, 2023 CONTAINING INTER ALIA THE TERMS AND CONDITIONS OF TRANCHE II ISSUE ( "TRANCHE II PROSPECTUS"), WHICH SHOULD BE READ TOGETHER WITH THE SHELF PROSPECTUS DATED DECEMBER 30, 2022 ("SHELF PROSPECTUS") FILED WITH THE REGISTRAR OF COMPANIES, MUMBAI, MAHARASHTRA ("ROC"), STOCK EXCHANGES AND SECURITIES AND EXCHANGE BOARD OF INDIA ("SEBI"). THE SHELF PROSPECTUS AND TRANCHE II PROSPECTUS CONSTITUTES THE PROSPECTUS ("PROSPECTUS").
THE TRANCHE II ISSUE IS BEING MADE PURSUANT TO THE PROVISIONS OF SEBI NCS REGULATIONS, THE COMPANIES ACT, 2013 AND RULES MADE THEREUNDER AS AMENDED TO THE EXTENT NOTIFIED AND THE SEBI OPERATIONAL CIRCULAR. THE ISSUE IS NOT UNDERWRITTEN.
OUR PROMOTER
- Mr. Nirmal Bhanwarlal Jain; Email: csteam@iifl.com; Tel: +91 22 6788 1000 and (ii) Mr. R Venkataraman; Email: csteam@iifl.com; Tel: +91 22 6788 1000. For details of our Promoter, please refer to the section "Our Promoter" on page 172 of this Tranche II Prospectus.
GENERAL RISKS
Investment in debt securities involve a degree of risk and investors should not invest any funds in such securities unless they can afford to take the risk attached to such investments. Investors are advised to take an informed decision and to read the risk factors carefully before investing in this offering. For taking an investment decision, investors must rely on their own examination of the Issuer and the Issue, including the risks involved. Specific attention of the Investors is invited to the sections titled "Risk Factors" and "Material Developments" on page 19 and 193, respectively of this Tranche II Prospectus. These risks are not, and are not intended to be, a complete list of all risks and considerations relevant to the debt securities or investor's decision to purchase such securities. This Tranche II Prospectus has not been and will not be approved by any regulatory authority in India, including the Securities and Exchange Board of India ("SEBI"), the Reserve Bank of India ("RBI"), any registrar of companies or any stock exchange in India nor do they guarantee the accuracy or adequacy of this document.
CREDIT RATING
The NCDs proposed to be issued under the Issue have been rated "CRISIL AA/Stable" (pronounced as CRISIL double A rating with Stable outlook) for an amount of ₹5,000 crore by CRISIL Limited ("CRISIL") vide their rating letter dated June 28, 2022, revalidated vide letter dated July 29, 2022, further revalidated vide letter dated September 13, 2022, further revalidated vide letter dated November 17, 2022, further revalidated vide letter dated December 26, 2022 and further revalidated vide letter dated May 24, 2023, and "[ICRA] AA (stable)" (pronounced as ICRA Double A (stable)) for an amount of ₹ 5,000 crore by ICRA Limited ("ICRA") vide their rating letter dated August 2, 2022, revalidated vide letter dated November 17, 2022, further revalidated vide letter dated December 23, 2022 and further revalidated vide letter dated May 24, 2023. The rating given by CRISIL and ICRA are valid as on the date of this Tranche II Prospectus and shall remain valid until the ratings are revised or withdrawn. The aforesaid rating indicates that instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations and carry very low credit risk. The rating is not a recommendation to buy, sell or hold securities and investors should take their own decision. The rating may be subject to revision or withdrawal at any time by the assigning rating agency and each rating should be evaluated independently of any other rating. The rating agency has a right to suspend or withdraw the rating at any time on the basis of factors such as new information. Please refer to Annexures A and B of this Tranche II Prospectus for the rationale and press release of the above ratings.
COUPON RATE, COUPON PAYMENT FREQUENCY, REDEMPTION DATE, REDEMPTION AMOUNT & ELIGIBLE INVESTORS
For the details relating to Coupon Rate, Coupon Payment Frequency, Redemption Date, Redemption Amount and Eligible Investors of the NCDs, see "Terms of the Issue" on page 300 of this Tranche II Prospectus. For details relating to eligible investors please see "Issue Procedure" on page 316 of this Tranche II Prospectus.
LISTING
The NCDs offered through this Tranche II Prospectus are proposed to be listed on National Stock Exchange of India Limited ("NSE") and BSE Limited ("BSE") and NSE shall be the Designated Stock Exchange. Our Company has received an 'in-principle' approval from NSE vide their letter no. NSE/LIST/D/2022/0105 dated August 17, 2022, extended vide letter No. NSE/LIST/D/2022/0168 dated November 21, 2022 and from BSE vide their letter no. DCS/BM/PI-BOND/009/22-23 dated August 17, 2022.
PUBLIC COMMENTS
The Draft Shelf Prospectus dated August 5, 2022 has been filed with the NSE and BSE, pursuant to the provisions of the SEBI NCS Regulations and was open for public comments until 5 p.m. on August 17, 2022.
LEAD MANAGERS TO THE ISSUE | REGISTRAR TO THE ISSUE |
Edelweiss Financial Services Limited
801 - 804, Wing A, Building No 3, Inspire BKC, G Block,
Bandra Kurla Complex, Bandra East, Mumbai - 400051
Tel: +91 22 4086 3535
Email: iifl.ncd@edelweissfin.com
Website: www.edelweissfin.com
Contact Person: Lokesh Singhi
IIFL Securities Limited*
10th Floor, IIFL Centre
Kamala Centre, Senapati Bapat Marg Lower Parel (West), Mumbai 400 013 Maharashtra, India
Tel: +91 22 4646 4728
Email: iifl.ncd2022@iiflcap.com
Website: www.iiflcap.com
Contact Person: Nishita Mody/Pawan Jain
Equirus Capital Private Limited
12th Floor, C Wing, Marathon Futurex N.M. Joshi Marg
Lower Parel, Mumbai 400 013 Maharashtra, India
Tel: + 91 22 4332 0736
Email: iifl.ncd@equirus.com
Website: www.equirus.com
Contact person: Malay Shah
Trust Investment Advisors Private Limited
109/110, Balarama, Bandra Kurla Complex, Bandra (East), Mumbai 400 051, Maharashtra, India
Tel: +91 22 4084 5000
Email: projectinca@trustgroup.in
Website: www.trustgroup.in
Contact Person: Hani Jalan
Link Intime India Private Limited
C-101, 247 Park, L.B.S. Marg Vikhroli (West), Mumbai 400 083 Maharashtra, India
Tel.: +91 810 811 4949
Fax: +91 22 4918 6195
Email: iifl.ncd2022@linkintime.co.in
Website: www.linkintime.co.in
Contact Person: Ms. Shanti Gopalkrishnan
DEBENTURE TRUSTEE TO THE ISSUE*** | CREDIT RATING AGENCIES | JOINT STATUTORY AUDITORS | ||||
M/s V. Sankar Aiyar & Co. | M/s Chhajed & Doshi, | |||||
2-C, Court Chambers | 101, Hubtown Solaris, N S Phadke | |||||
35, New Marine Lines, | Marg, Near East West Flyover, | |||||
Vardhman Trusteeship Private Limited | CRISIL Ratings Limited | ICRA Limited | Mumbai 400020 | Andheri (East) Mumbai- 400 069 | ||
Maharashtra, India | Tel: +91 22 61037878 | |||||
The Capital, 412 A, A Wing, | (A subsidiary of CRISIL Limited, | Electric Mansion, 3rd Floor, | ||||
Bandra Kurla Complex, Bandra (East) | an S&P Global Company) | Appasaheb Marathe Marg, | Tel.: + 91 22 2200 4465 | Email: info@cndindia.com | ||
Email: mumbai@vsa.co.in | Website: www.cndindia.com | |||||
Mumbai - 400 051, Maharashtra | CRlSIL House, Central Avenue, | Prabhadevi, Mumbai - 400025 | ||||
Website: www.vsa.co.in | Contact Person: M P Chhajed | |||||
Tel: 022 4264 8335 / 8657900674 | Hiranandani Business Park, | Tel: +91 22 61143406 | ||||
Contact Person: G Sankar | ||||||
Email: nilesh@vardhmantrustee.com | Powai, Mumbai 400 076 | Fax: +91 22 24331390 | ||||
Website: http://www.vardhmantrustee.com/ | Maharashtra, India | Email: shivakumar@icraindia.com | ||||
Contact Person: Mr. Nilesh Palav | Tel: +91 22 3342 3000 | Website: www.icra.in | ||||
Email: crisilratingdesk@crisil.com | Contact Person: L Shivakumar | |||||
Website: www.crisil.com | ||||||
Contact Person: Ajit Velonie | ||||||
ISSUE PROGRAMME** |
Tranche II Issue opens on: June 9, 2023
Tranche II Issue Closes on: June 22, 2023
* IIFL Securities Limited is deemed to be our associate as per the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, as amended (Merchant Bankers Regulations). Further, in compliance with the provisions of Regulation 21A and explanation to Regulation 21A of the Merchant Bankers Regulations, IIFL Securities Limited would be involved only in marketing of the Issue.
**This Tranche II Issue shall remain open for subscription on Working Days from 10 a.m. to 5 p.m. (Indian Standard Time) during the period indicated in this Tranche II Prospectus, except that this tranche II Issue may close on such earlier date or extended date as may be decided by the Board of Directors of our Company or the Finance Committee, thereof, subject to relevant approvals (subject to a minimum period of three working days and a maximum period of 10 working days from the date of opening of Tranche II Issue). In the event of an early closure or extension of the Issue, our Company shall ensure that notice of the same is provided to the prospective investors
through an advertisement in an English daily national newspaper with wide circulation and a regional daily with wide circulation where the registered office of the Company is located (in all the newspapers in which pre-issue advertisement for opening of this Tranche II Issue has been given on or before such earlier or initial date of Tranche II Issue closure). On the Tranche II Issue Closing Date, the Application Forms will be accepted only between 10 a.m. and 3 p.m. (Indian Standard Time) and uploaded until 5 p.m. or such extended time as may be permitted by the Stock Exchange. Further, pending mandate requests for bids placed on the last day of bidding will be validated by 5 PM on one Working Day post the Tranche II Issue Closing Date. For further details please refer to the chapter titled "Issue Related Information" on page 294 of this Tranche II Prospectus.
*** Vardhman Trusteeship Private Limited under regulation 8 of SEBI NCS Regulations has by its letter dated June 27, 2022 given its consent for its appointment as Debenture Trustee to the Issue and for its name to be included in Offer Document and in all the subsequent periodical communications sent to the holders of the NCDs issued pursuant to the Issue and the same is annexed as Annexure C to this Tranche II Prospectus A copy of the Shelf Prospectus and this Tranche II Prospectuses shall be filed with the Registrar of Companies, Mumbai, Maharashtra, in terms of section 26 of Companies Act, 2013, along with the endorsed/certified copies of all requisite documents. For further details please refer to the chapter titled "Material Contracts and Documents for Inspection" on page 354 of this Tranche II Prospectus.
TABLE OF CONTENTS | |
CERTAIN CONVENTIONS, USE OF FINANCIAL, INDUSTRY AND MARKET DATA AND CURRENCY OF | |
PRESENTATION | 15 |
FORWARD-LOOKING STATEMENTS | 18 |
SECTION II - RISK FACTORS | 19 |
SECTION III - INTRODUCTION | 46 |
GENERAL INFORMATION | 46 |
CAPITAL STRUCTURE | 58 |
OBJECTS OF TRANCHE II ISSUE | 76 |
STATEMENT OF TAX BENEFITS | 80 |
SECTION IV - ABOUT OUR COMPANY | 91 |
INDUSTRY OVERVIEW | 91 |
OUR BUSINESS | 118 |
HISTORY AND MAIN OBJECTS | 144 |
OUR MANAGEMENT | 151 |
OUR PROMOTERS | 172 |
RELATED PARTY TRANSACTIONS | 174 |
REGULATIONS AND POLICIES | 175 |
SECTION V - FINANCIAL STATEMENTS | 192 |
FINANCIAL INFORMATION | 192 |
MATERIAL DEVELOPMENTS | 193 |
FINANCIAL INDEBTEDNESS | 194 |
SECTION VI - LEGAL AND OTHER INFORMATION | 250 |
OUTSTANDING LITIGATIONS | 250 |
OTHER REGULATORY AND STATUTORY DISCLOSURES | 273 |
SECTION VII - ISSUE RELATED INFORMATION | 294 |
ISSUE STRUCTURE | 294 |
TERMS OF THE ISSUE | 300 |
ISSUE PROCEDURE | 316 |
SECTION VIII - SUMMARY OF KEY PROVISIONS OF ARTICLES OF ASSOCIATION | 346 |
SECTION IX - MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION | 354 |
DECLARATION | 357 |
DECLARATION | 358 |
DECLARATION | 359 |
ANNEXURE A | 360 |
ANNEXURE B | 361 |
ANNEXURE C | 362 |
ANNEXURE D | 363 |
ANNEXURE E | 364 |
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SECTION I - GENERAL
DEFINITIONS AND ABBREVIATIONS
Unless the context otherwise indicates, all references in this Tranche II Prospectus to "the Issuer", "our Company", "the Company" or " IIFL" "IIFL Finance Limited" are to IIFL Finance Limited, public limited company incorporated under the Companies Act, 1956, validly existing under Companies Act, 2013, registered as an NBFC with the RBI under Section 45-IA of the RBI Act and having its Registered Office at IIFL House, Sun Infotech Park, Road No. 16V, Plot No. B-23, Thane Industrial Area, Wagle Estate Thane - 400604, Maharashtra, India.
Unless the context otherwise indicates, all references in this Tranche II Prospectus to "we" or "us" or "our" are to our Company. Unless the context otherwise indicates, all references in this Tranche II Prospectus to "Subsidiaries" shall mean Subsidiaries of our Company namely, IIFL Home Finance Limited, IIFL Samasta Finance Limited (Formerly known as Samasta Microfinance Limited), IIHFL Sales Limited and IIFL Open Fintech Private Limited.
Unless the context otherwise indicates or implies, the following terms have the following meanings in this Tranche II Prospectus, and references to any statute or regulations or policies includes any amendments or re-enactments thereto, from time to time.
Company related terms
Term | Description |
"Articles" or "Articles of | Articles of Association of our Company |
Association" "AOA" | |
Asset Liability Management | Asset Liability Management Committee of the Board of Directors |
Committee or ALCO | |
Audit Committee | Audit committee of the Board of Directors |
"Auditors" or "Statutory | The statutory auditors of the Company, M/s. V. Sankar Aiyar & Co. and Chhajed & |
Auditors" or "Joint | Doshi |
Statutory Auditors" | |
"Board" or "Board of | Board of Directors of our Company or any duly constituted committee thereof. |
Directors" or "our Board" | |
or "our Board of Directors" | |
Brickworks | Brickworks Ratings India Private Limited |
Committee | A committee constituted by the Board, from time to time. |
Corporate Social | Corporate Social Responsibility Committee of the Board of Directors |
Responsibility Committee | |
"Credit Committee" or | Credit Committee/ Group Credit Committee as approved by the Board of Directors |
"Group Credit Committee" | depending upon the value of transactions. |
Directors | Directors of the Company |
DSA | Direct Selling Agent |
Equity Shares | Equity shares of the Company of face value of ₹ 2 each |
ESOP/s | Employee Stock Options |
Finance Committee | Finance Committee as constituted by the Board of Directors |
IIFL ESOP Plan | IIFL Finance Employees Stock Option Plan 2007; IIFL Finance Employee Stock Option |
Plan 2008; and IIFL Finance Employee Stock Option Plan 2020 - Merger Scheme | |
IIFL Open Fintech | IIFL Open Fintech Private Limited |
IIHFL | IIFL Home Finance Limited |
Independent Director(s) | The independent Director(s) on our Board, in terms of Section 2(47) and Section 149(6) |
of the Companies Act, 2013 | |
IT Strategy Committee | IT Strategy Committee as constituted by the Board of Directors |
KMP / Key Managerial | Key managerial personnel of our Company as disclosed in this Tranche II Prospectus |
Personnel | and appointed in accordance with Key Managerial Personnel, as defined under Section |
2(51) of the Companies Act, 2013, as under: | |
"key managerial personnel", in relation to a company, means - | |
i. the chief executive officer or the managing director or the manager; | |
ii. the company secretary; | |
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Term | Description |
iii. the whole-time director; | |
iv. the chief financial officer; | |
v. such other officer not more than one level below the directors who is in whole-time | |
employment designated as key managerial personnel by the Board; and | |
vi. such other officer as may be prescribed" | |
LAP | Loan Against Property |
Loan Book | Loan book of the Company recording relevant entries of the secured and/or unsecured |
loans advanced by the Company | |
"Memorandum" or | Memorandum of Association of our Company |
"Memorandum of | |
Association" or "MoA" | |
Nomination and | Nomination and Remuneration Committee of the Board of Directors |
Remuneration Committee | |
Networth | As defined in Sec 2(57) of the Companies Act, 2013, as follows: |
"Networth means the aggregate value of the paid-up share capital and all reserves | |
created out of the profits, securities premium account and debit or credit balance of | |
profit and loss account, after deducting the aggregate value of the accumulated losses, | |
deferred expenditure and miscellaneous expenditure not written off, as per the audited | |
balance sheet but does not include reserves created out of revaluation of assets, write | |
back of depreciation and amalgamation." | |
Preference Shares | Preference shares of the Company |
Promoter Group | Includes such persons and entities constituting the promoter group of our Company |
pursuant to Regulation 2 (1) (ff) of the SEBI NCS Regulations | |
"Promoters" or "our | The promoters of our Company are Mr. Nirmal Bhanwarlal Jain and Mr. R |
Promoter" | Venkataraman |
Reformatted Consolidated | The reformatted consolidated statement of Assets and Liabilities as at March 31, 2023, |
Financial Statements | March 31, 2022 and March 31, 2021 and the reformatted consolidated Statement of |
Profit and Loss for the Fiscal 2023, Fiscal 2022 and Fiscal 2021 and the reformatted | |
consolidated Statement of Cash Flows for the Fiscal 2023, Fiscal 2022 and Fiscal 2021 | |
and the reformatted consolidated statement of Changes in Equity for the Fiscal 2023, | |
Fiscal 2022 and Fiscal 2021, each prepared in accordance with IND AS, as examined by | |
the Statutory Auditors of our Company. | |
Our audited consolidated financial statements as at and for the year ended March 31, | |
2023, March 31, 2022 and March 31, 2021 form the basis for such Reformatted | |
Consolidated Financial Statements. | |
Reformatted Financial | Reformatted Standalone Financial Statements and Reformatted Consolidated Financial |
Statements | Statements |
Reformatted Standalone | The reformatted standalone statement of Assets and Liabilities as at March 31, 2023, |
Financial Statements | March 31, 2022 and March 31, 2021 and the reformatted standalone statement of profit |
and loss for the Fiscal 2023, Fiscal 2022 and Fiscal 2021 and the reformatted standalone | |
statement of cash flows for the Fiscal 2023, Fiscal 2022 and Fiscal 2021 and the | |
reformatted standalone statement of changes in equity for the Fiscal 2023, Fiscal 2022 | |
and Fiscal 2021, each prepared in accordance with IND AS, as examined by the | |
Statutory Auditors of our Company. | |
Our audited standalone financial statements as at and for the year ended March 31, 2023, | |
March 31, 2022 and March 31, 2021 form the basis for such Reformatted Standalone | |
Financial Statements. | |
Registered Office | The registered office of our Company is at IIFL House, Sun Infotech Park, Road No. |
16V, Plot No. B-23, Thane Industrial Area, Wagle Estate, Thane - 400 604, | |
Maharashtra, India | |
Risk Management | Risk Management Committee of the Board of Directors |
Committee | |
RoC/Registrar of Companies | Registrar of Companies, Maharashtra, Mumbai |
Shareholders | The holders of the Equity Shares from time to time |
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Term | Description |
Samasta | IIFL Samasta Finance Limited (Formerly known as Samasta Microfinance Limited) |
Stakeholders Relationship | Stakeholders Relationship Committee as constituted by the Board of Directors |
Committee | |
Subsidiaries | Subsidiaries of our Company namely, IIHFL, Samasta, IIHFL Sales Limited and IIFL |
Open Fintech Private Limited | |
Issue related terms |
Term | Description |
Abridged Prospectus | A memorandum containing salient features of the Shelf Prospectus and this Tranche II |
Prospectus | |
Acknowledgement Slip | The slip or document issued by the Designated Intermediary to an Applicant as proof of |
registration of the Application Form | |
Allotment Advice | The communication sent to the Allottees conveying the details of NCDs allotted to the |
Allottees in accordance with the Basis of Allotment | |
"Allotment", "Allot" or | Unless the context otherwise requires, the allotment of NCDs to the successful |
Allotted | Applicants pursuant to the Shelf Prospectus and this Tranche II Prospectus to the |
successful Allottees | |
Allottee(s) | A successful Applicant to whom the NCDs will be/have been allotted |
"Applicant" or "Investor" or | Any person who applies for issuance and Allotment of NCDs through ASBA process or |
"Bidder" or "ASBA | through UPI mechanism pursuant to the terms of this Tranche II Prospectus and |
Applicant" | Abridged Prospectus and the Application Form for this Tranche II Issue |
"ASBA" or "Application | An application (whether physical or electronic) to subscribe to the NCDs offered |
Supported by Blocked | pursuant to the Issue by submission of a valid Application Form and authorising the |
Amount" or "Application" | relevant SCSB to block the Application Amount in the relevant ASBA Account or to |
or "ASBA Application" or | block the Application Amount using the UPI Mechanism, where the Bid Amount will |
"Application" or "Bid" | be blocked upon acceptance of UPI Mandate Request by retail investors for an |
Application Amount of upto ₹ 500,000 which will be considered as the application for | |
Allotment in terms of the Shelf Prospectus and this Tranche II Prospectus. | |
Application Amount/ Bid | The aggregate value of the NCDs applied for, as indicated in the Application Form for |
Amount | the Issue or the amount blocked in the ASBA Account. |
Application Form/ASBA | Form in terms of which an Applicant shall make an offer to subscribe to NCDs through |
Form/ Bid cum Application | the ASBA process or through the UPI Mechanism and which will be considered as the |
Form | Application for Allotment of NCDs in terms of the Shelf Prospectus and this Tranche II |
Prospectus. | |
ASBA Account | A bank account maintained with an SCSB as specified in the ASBA Form submitted by |
ASBA Applicants for blocking the Bid Amount mentioned in the ASBA Form and will | |
include a bank account of a retail individual investor linked with UPI, for retail | |
individual investors submitting application value upto ₹ 500,000. | |
Banker(s) to the Issue | Collectively Sponsor Bank, Public Issue Account Bank(s) and Refund Bank. |
Base Issue Size | ₹ 300 crore |
Basis of Allotment | The basis on which NCDs will be allotted to applicants as described in "Issue Procedure |
- Basis of Allotment" on page 341 of this Tranche II Prospectus. | |
Bidding Centres | Centres at which the Designated Intermediaries shall accept the Application Forms, i.e., |
Designated Branches of SCSB, Specified Locations for Syndicate, Broker Centres for | |
Registered Brokers, Designated RTA Locations for RTAs and Designated CDP | |
Locations for CDPs. | |
Broker Centres | Broker centres notified by the Stock Exchanges where Applicants can submit the ASBA |
Forms (including ASBA Forms under UPI in case of UPI Investors) to a Registered | |
Broker. The details of such broker centres, along with the names and contact details of | |
the Trading Members are available on the respective websites of the Stock Exchanges | |
at www.bseindia.com and www.nseindia.com as updated from time to time. | |
BSE | BSE Limited. |
Category I (Institutional | • Public financial institutions, scheduled commercial banks, Indian multilateral and |
Investors) | bilateral development financial institutions which are authorised to invest in the |
NCDs; | |
• Provident funds and pension funds with a minimum corpus of ₹25 crore, | |
superannuation funds and gratuity funds, which are authorised to invest in the NCDs; |
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IIFL Finance Ltd. published this content on 02 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 June 2023 05:01:02 UTC.