Updated March 13th, 2024 at 16:23 IST

IIFL Finance plans to raise Rs 2,000 crore, rejigs board

IIFL Finance has proposed to raise funds up to Rs 500 crore through the issuance of non-convertible debentures on a private placement basis.

Reported by: Business Desk
IIFL Finance | Image:Republic
Advertisement

IIFL Finance has unveiled a comprehensive plan comprising fund-raising initiatives and key board appointments.

The company disclosed its intention to raise funds not exceeding Rs 1,500 crore through a rights issue of equity shares, offering existing eligible shareholders an opportunity to participate in the capital infusion. The details pertaining to the rights issue, including pricing, entitlement ratio, and payment terms, will be communicated in due course, subject to regulatory approvals.

Advertisement

Simultaneously, IIFL Finance has proposed to raise funds up to Rs 500 crore through the issuance of non-convertible debentures on a private placement basis. The strategic move aims to diversify the company's funding sources and support its growth initiatives.

Furthermore, in a bid to strengthen its governance framework, IIFL Finance has announced appointment of Bijou Kurien and Nihar Niranjan Jambusaria as additional independent directors, effective March 13, 2024.

Advertisement

“Their wealth of experience and expertise is expected to enrich the board's deliberations and enhance transparency and accountability,” the company said in a regulatory filing.

In another key development, Abhiram Bhattacharjee, currently serving as Chief of Staff, will assume the role of Chief Operating Officer, effective March 13, 2024. The strategic realignment aims to optimise operational efficiency and drive organisational performance under his leadership.

Advertisement

Moreover, the company has appointed Shivalingam A. Pillai as Chief Compliance Officer, effective today, signalling its commitment to regulatory compliance and adherence to best practices. Meanwhile, Mauli Agarwal will transition to another role within the company, stepping down from her current position as Chief Compliance Officer.

IIFL Finance shares ended 3.36 per cent lower at Rs 383.95.
 

Advertisement

Published March 13th, 2024 at 16:23 IST