IIFL to raise Rs 2,000 cr long-term capital
Financial services company India Infoline (IIFL) on Wednesday announced it will seek shareholders approval to raise Rs 2,000 crore, through issuance of non-convertible debentures on private placement basis to strengthen long-term capital.
"Pursuant to the provisions of Companies Act...approval of the members is hereby accorded to the Board of Directors of the Company to offer or invite subscriptions for secured/unsecured redeemable non-convertible debentures, in one or more tranches up to Rs 2,000 crore on private placement basis," said IIFL in a regulatory filing.
The company has planned to use the forthcoming Annual General Meeting scheduled on July 29 to seek the approval.
IIFL aims to raise the Rs 2,000 crore amount in a duration of one year from the date of passing the resolution, well within the borrowing confines of the company.
Approval will be sought by a special resolution to empower IIFL to invite or offer NCD subscriptions.