The proposed fundraising can be undertaken through a range of routes, including public issues, rights issues, preferential allotments, private placements, qualified institutional placements (QIPs), or a combination of these methods, depending on market conditions and capital requirements. The company clarified that any actual issuance would be considered by the board or its committees at an appropriate time.
Alongside the fundraising plan, the board approved an increase in the size of its Global Medium Term Notes (GMTN) programme from $1 billion to $2 billion, providing the non-banking financial company with greater flexibility to tap overseas markets for funding.
The board also approved an increase in the company’s borrowing limit and the limit for creation of security on its assets to ₹75,000 crore from the existing ₹60,000 crore, subject to shareholder approval at the upcoming annual general meeting.
Separately, IIFL Finance announced a leadership change in its finance function. Kapish Jain stepped down as Chief Financial Officer to transition into another role within the company, while Vikas Jain was appointed CFO and Key Managerial Personnel with effect from June 27.
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The company said Vikas Jain brings more than two decades of experience across finance, treasury, fundraising and compliance, having previously worked with firms including Hinduja Leyland Finance, Bajaj Finance, Bajaj Housing Finance and PwC.
Ahead of the announcement, shares of IIFL Finance closed at ₹509.10, down 3.06% in Thursday’s session.
