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IIFL Finance gets $100-mn funding from Deutsche Bank, Export Development Canada

The NBFC secured $50 million from EDC and $50 million from Deutsche Bank, respectively. Shares of IIFL Finance Ltd ended at Rs 475.30, up by Rs 14.50, or 3.15 percent on the BSE.

Non-banking financial company IIFL Finance Ltd on Thursday, April 6, said it has secured $100 million in long-term funding, jointly from Export Development Canada (EDC) and Deutsche Bank.

The NBFC secured $50 million from EDC and $50 million from Deutsche Bank, respectively, the company said in an exchange filing.

The deal was structured under the aegis of Deutsche Bank as mandated lead arranger, book runner, and co-financier. This would also be IIFL’s second loan from EDC. It had previously secured funding of $100 million from EDC in 2019, it said.

IIFL Finance raised $400 million through its maiden dollar bond issue in February 2020. It was able to buy back the maximum possible amount, as approved by the Reserve Bank of India, with the remaining amount due for maturity later on April 23.

For the NBFC, the replacement cost on the fresh borrowing at a competitive rate is expected to result in significant savings in borrowing costs, as compared to its previous fundraising.

Kapish Jain, Group Chief Financial Officer of IIFL Finance, said, “We also thank Deutsche Bank for making this possible as a co-financer. These funds are long-term in nature and will help us further strengthen our ALM position and support our continued growth across our core businesses.”

According to Rahul Chawla, Co-Head of Investment Bank Coverage at Deutsche Bank, India, “NBFCs play a very important role in spreading credit to a hitherto unserved customer segment, both in terms of reach and sectors.”

(Edited by : Shoma Bhattacharjee)

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