New Delhi: India Infoline Housing Finance Limited (IIHFL), the housing finance subsidiary of IIFL Holdings Limited, one of the largest diversified financial services companies in India, received overwhelming response to its issue of unsecured redeemable non-convertible debentures, which has been oversubscribed 2.24 times of the base issue. Based on stock exchange data, total collections stood at Rs. 224.5 crore, which is 2.24 times of the base issue.

The company had on March 12th announced the NCD issue size of Rs. 100 crore with an option to retain over-subscription up to Rs. 100 crore, aggregating to a total of up to Rs. 200 crore. The bond issue is rated ‘CRISIL AA-/Stable’ by CRISIL, ‘[ICRA] AA- Outlook: Stable’ by ICRA.

India Infoline Housing Finance Ltd (IIHFL) is registered as a Housing Finance Company with the National Housing Bank (NHB). Its maiden public issue of IIFL Home Bonds with 5 year tenor offered an attractive 12.15% p.a.2 yield, with a coupon of 11.52% p.a., payable monthly. IIFL Home Bonds are rated  ‘CRISIL AA-/Stable’ by CRISIL and ‘CARE AA-’ [CARE AA Minus] by CARE indicating high degree of safety regarding timely servicing of financial obligation. Such instruments carry very low credit risk.

The previous IIFL Home Bond received overwhelming response and was also oversubscribed 2.13%. It was the first ever public issue of bonds by any private sector housing finance company in India, as per Prime Database. IIFL has raised Rs.1,550 crore through two bond issues, during the year 2013.