IIFL Finance | Business Upturn

IIFL Finance to acquire 87.8% stake in Xtracap Fintech for ₹37.7 crore

Kinjal — Thu, 30 Apr 2026 19:42:34 +0000

IIFL Finance Limited, through its wholly-owned subsidiary IIFL Fintech Private Limited, has announced the acquisition of a significant stake in Xtracap Fintech India Private Limited. The acquisition, approved at a board meeting on April 30, 2026, involves a total cash consideration of approximately ₹37.7 crore.

The acquisition will be executed in two stages. The first stage involves a secondary acquisition of equity shares for an aggregate consideration of approximately ₹25.7 crore. The second stage includes a primary infusion of capital amounting to approximately ₹12 crore through subscription to equity shares. Upon completion of these transactions, IIFL Fintech Private Limited will hold an 87.8% equity shareholding in Xtracap Fintech India Private Limited.

Xtracap Fintech, engaged in supply chain financing, reported a turnover of ₹7.03 crore for the financial year ending March 31, 2025. The company is currently in a scale-up phase, providing anchor-led, invoice-linked credit solutions to distributors and retailers across various sectors in India.

The acquisition aligns with IIFL Group’s core financial services business and aims to enhance its presence in the supply chain financing segment, which is considered a structurally underserved trade credit market in India. This move is expected to strengthen IIFL’s MSME lending capabilities, diversify its portfolio, and improve return metrics over the medium term.

The transaction is classified as a Related Party Transaction, with IIFL Fintech Private Limited already holding an 18.8% equity stake in Xtracap Fintech. However, the acquisition is proposed to be conducted on an arm’s length basis. The completion of the acquisition is anticipated within 45 days, subject to the execution of definitive agreements and customary conditions precedent.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

IIFL Finance concludes special audit directed by Income Tax Department

Kinjal — Mon, 30 Mar 2026 03:02:36 +0000

IIFL Finance has announced the conclusion of a special audit directed by the Income Tax Department under Section 142(2A) of the Income Tax Act, 1961. The audit report has been submitted to the Income Tax Department, and the company continues to cooperate with the authorities in the ongoing block assessment proceedings.

The special audit was initiated as part of the regulatory requirements under the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015. IIFL Finance had previously informed the stock exchanges about the commencement of this audit on January 22, 2026.

The company has assured that it will keep the stock exchanges informed of any further material developments related to this matter, in compliance with applicable regulatory requirements.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Central Bank of India partners with IIFL Finance for co-lending initiative

Business Desk — Thu, 12 Mar 2026 06:10:10 +0000

Central Bank of India has announced a strategic co-lending partnership with IIFL Finance Limited, aimed at offering loans at competitive rates. The collaboration is set to expand the lending portfolios of both entities.

Under this partnership, IIFL Finance, a prominent non-banking financial company with assets under management of ₹49,027 crore as of December 31, 2025, will originate loan proposals. These proposals will be processed by both lenders based on jointly established credit parameters and eligibility criteria. The arrangement is expected to benefit borrowers through a blended interest rate and is designed to enhance customer outreach across India.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

IIFL Finance shares surge 5% after HSBC upgrades rating to ‘Buy’ with target price of Rs 550

Aman Shukla — Tue, 13 May 2025 04:12:44 +0000

IIFL Finance’s stock saw a 5% jump in morning trade following an upgrade by HSBC, which raised its rating from “Hold” to “Buy” and increased its target price from ₹380 to ₹550. The brokerage’s positive outlook is driven by improving sector dynamics and stronger growth prospects for the company. As of 9:41 AM, the shares were trading 5.29% higher at Rs 408.70.

HSBC pointed to a recovery in the microfinance segment, enhanced system liquidity, and lower funding costs as key factors that could drive a significant earnings per share (EPS) recovery in the coming quarters. The brokerage now values IIFL Finance at 1.5x its FY27E book value per share (BVPS), reflecting stronger return metrics.

However, HSBC flagged some risks, including rising competition in gold loans, potentially lower yields if the unsecured loan portfolio continues to decline, and elevated operating expenses.

The brokerage adjusted its EPS estimates for IIFL Finance, lowering the FY26 estimate by 6% but increasing the FY27 estimate by 0.5%, signaling short-term adjustments followed by long-term improvement. Despite the risks, HSBC believes that macroeconomic factors and the company’s internal balance sheet stability will lead to a positive valuation rerating in the future.

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.

IIFL Finance Q3 FY25 results: Net profit jumps 30.8% YoY to Rs 169.7 crore, revenue climbs 12.6%

Matrika Shukla — Wed, 12 Feb 2025 13:22:51 +0000

IIFL Finance Limited has reported a 30.8% year-on-year (YoY) increase in net profit for the third quarter of FY25, reaching ₹169.7 crore, up from ₹129.7 crore in the same quarter last year. The company’s total income grew 12.6% YoY to ₹2,442.58 crore, compared to ₹2,168.5 crore in Q3 FY24.

Key Financial Highlights (Q3 FY25 vs. Q3 FY24)

Total Revenue: ₹2,442.58 crore, up 12.6% YoY
Profit After Tax (PAT): ₹169.7 crore, a 30.8% YoY rise
Earnings Per Share (EPS): ₹0.96 per share (Basic)
Net Interest Income (NII): ₹1,487.36 crore
Total Comprehensive Income: ₹28.09 crore

9M FY25 Performance (Nine-Months Ended December 2024)

For the first nine months of FY25, IIFL Finance posted a 9.2% YoY increase in total revenue, reaching ₹7,619.65 crore. The company’s net profit surged 32.6% YoY to ₹442.3 crore, compared to ₹333.6 crore in 9M FY24.

Operational & Strategic Developments

Strong Loan Portfolio Growth: IIFL Finance’s asset book remained stable, with an emphasis on secured lending.
Expansion Initiatives: The company continued its focus on strengthening its digital lending platform and expanding its customer base.
Capital Adequacy: Maintained a capital adequacy ratio above regulatory requirements, ensuring financial stability.

Commenting on the results, R. Venkataraman, Joint Managing Director of IIFL Finance, said,
“Our performance in Q3 FY25 underscores our focus on sustainable growth and prudent risk management. Despite macroeconomic challenges, we delivered strong financial results, driven by higher net interest income and operational efficiency.”

Looking ahead, IIFL Finance remains optimistic about sustained credit demand, particularly in retail and MSME segments. The company is set to expand its digital lending solutions and strengthen its footprint in affordable housing finance and gold loans.

IIFL Finance continues to focus on enhancing operational efficiencies, ensuring robust credit underwriting standards, and leveraging technology-driven financial solutions for long-term growth.

IIFL Finance surges nearly 3% from day’s low amid reports of possible SEBI relaxation on AIF regulations

Aditya Bhagchandani — Tue, 17 Dec 2024 06:00:36 +0000

Shares of IIFL Finance rebounded sharply on Tuesday, gaining 2.5% from the day’s low of ₹415 following reports of possible relaxation in Alternative Investment Fund (AIF) regulations by SEBI.

The stock, which had dipped to a low of ₹415, climbed to an intraday high of ₹426, driven by positive investor sentiment after a SEBI member indicated potential adjustments to the earlier announced AIF rules, according to Redbox reports.

BIG NEWS FOR IIFL FINANCE

SEBI MEMBER: SAYS THEY MAY RELAX SOME AIF REGULATIONS ANNOUNCED EARLIER

— RedboxGlobal India (@REDBOXINDIA) December 17, 2024

Key highlights:

Day’s low: ₹415
Current price: ₹425.80 (as of 11:26 AM)
Gain from day’s low: ₹10.80 (+2.5%)

The development has brought renewed optimism for NBFCs like IIFL Finance, which have significant exposure to AIF-linked financial products. Market experts suggest that a relaxation in regulations could reduce compliance pressure and operational costs for NBFCs.

IIFL Finance shares down nearly 4% after reporting Q2 net loss of ₹441.3 crore and 8.2% decline in NII

Aditya Bhagchandani — Thu, 24 Oct 2024 04:11:14 +0000

IIFL Finance shares fell by nearly 4% following the announcement of a substantial standalone net loss of ₹441.3 crore for the second quarter of FY25, compared to a net profit of ₹136.7 crore in the same period last year. The company’s consolidated net loss stood at ₹93 crore, driven by regulatory challenges and a significant impact on its gold loan business.

Net interest income (NII) dropped 8.2% year-on-year to ₹596.4 crore, while total loan assets under management (AUM) fell by 8% YoY to ₹66,964 crore. The company also saw a rise in gross non-performing assets (NPA) to 2.4%.

Despite these challenges, the home loan and digital loan segments showed growth, but overall performance remained subdued due to higher borrowing costs and provisions.

As of 9:39 am, the shares were trading 3.90% lower at ₹403.65 on NSE.

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.

HSBC upgrades IIFL Finance, raises target price to Rs 540 from Rs 350 earlier

Markets Desk — Tue, 24 Sep 2024 02:35:09 +0000

HSBC has upgraded its rating on IIFL Finance to ‘Hold’ and raised the target price to Rs 540 from Rs 350, following the Reserve Bank of India’s (RBI) decision to lift restrictions on IIFL’s gold loan business. The normalization of this segment is expected to act as a significant tailwind for the company’s overall performance.

As a result of the positive developments, HSBC has increased its earnings per share (EPS) estimates for FY25-27 by 6-16%. However, the stock has already surged by approximately 65-70% since its March 2024 lows, leading HSBC to believe that current valuations are already factoring in most of the positives.

The brokerage remains cautious, suggesting that while the removal of restrictions boosts growth prospects, the recent stock rally leaves limited room for further upside.

Jefferies upgrades IIFL Finance to Buy from Hold, stock surges over 10%

News Desk — Fri, 20 Sep 2024 04:16:26 +0000

At 9:44AM, shares of IIFL Finance surged 10.12% to ₹546.15 after Jefferies upgraded the stock to ‘Buy’ from ‘Hold’, with a revised target price of ₹595. The stock witnessed strong buying interest following positive commentary on the company’s growth outlook.

Jefferies’ Key Insights:

Gold loan disbursements are expected to ramp up gradually and normalize over the next 1-2 quarters, with the gold loan book estimated to be around ₹90 billion by September 2024 due to the unwinding of the existing portfolio.
The report acknowledges that rebuilding the gold loan portfolio to pre-ban levels will take time, as the company faces challenges such as high rundown rates and difficulty in regaining market share and customers.
However, higher gold prices are seen as a tailwind that could support growth for IIFL Finance, with profitability expected to recover from FY25e lows and grow at a 50% CAGR over FY25-27.
As IIFL rebuilds its gold loans, margin pressure should ease, contributing to a more robust financial performance going forward.

This upgrade and the positive outlook have led to a sharp rise in IIFL Finance shares, signaling investor confidence in the company’s growth trajectory in the coming years.

IIFL Finance share price surges over 11% today after RBI lifts curbs on gold loan business

Aman Shukla — Fri, 20 Sep 2024 03:47:08 +0000

IIFL Finance share jumped more than 11% in morning trade after the Reserve Bank of India (RBI) lifted the restrictions imposed on its gold loan business, effective immediately. The restrictions, which were originally imposed on March 4, 2024, prohibited the firm from sanctioning, disbursing, or assigning/securitising/selling any of its gold loans.

In the exchange filing, the company stated that the RBI’s decision permits them to completely resume their gold loan operations in compliance with all relevant regulations. IIFL Finance highlighted its commitment to maintaining high compliance standards and taking remedial actions.

As of 9:15 am, IIFL Finance shares were trading 11.03% higher at Rs 550.65 on the NSE.

Stock Market Today: NTPC, Tata Power, Axis Bank, and IIFL Finance among top stocks to watch on September 20, 2024

News Desk — Fri, 20 Sep 2024 02:58:52 +0000

The stock market is witnessing significant movement today with several key companies grabbing attention due to corporate developments, regulatory updates, and investor actions. Stocks in sectors ranging from energy and financial services to pharma and real estate are expected to be highly active.

These are stocks to watch today during Stock Market live session, Sept 20, 2024:

NTPC Stock News:

NTPC’s board has given the green light to two investment proposals worth ₹21,104 crore for thermal power projects. This marks a significant step in NTPC’s efforts to expand its energy generation portfolio.

Tata Power Stock News:

Tata Power is moving forward with arbitration against Adaro over counterclaims related to a coal supply agreement. This legal action could have implications for its future coal procurement and supply operations.

Reliance Infrastructure Stock News:

Reliance Infrastructure’s board has approved plans to raise up to ₹6,000 crore through Qualified Institutional Placement (QIP) and preferential issues. This move aims to strengthen the company’s financial position and fund its growth initiatives.

IIFL Finance Stock News:

IIFL Finance received a positive development as the Reserve Bank of India lifted restrictions on its gold loan business. This is a significant win for the company, enhancing its ability to expand in this segment.

IDFC First Bank Stock News:

IDFC First Bank has secured the RBI’s approval to reappoint V. Vaidyanathan as Managing Director and CEO for three more years. This stability in leadership is expected to provide a boost to investor confidence and strengthen the bank’s long-term strategy.

Zydus Life and Lupin Stock News:

Both Zydus Life and Lupin remain in focus as pharmaceutical stocks with potential regulatory and market developments that could impact their stock performance.

BEL and HUDCO Stock News:

Bharat Electronics Ltd (BEL) and HUDCO, in the defense and housing infrastructure sectors respectively, are being watched closely as developments in government contracts could influence their market performance.

Prestige and Phoenix Mills Stock News:

Phoenix Mills’ subsidiary has emerged as the highest bidder for two plots in Mohali, with a bid value of ₹891 crore. Both Phoenix Mills and Prestige are benefiting from increased demand in the real estate sector.

AU Small Finance Bank Stock News:

AU Small Finance Bank has partnered with Niva Bupa Health Insurance to offer health insurance products, broadening its service portfolio and potentially attracting a larger customer base.

SBI, PNB, Canara Bank, and IDBI Stock News:

Public sector banks including SBI, PNB, Canara Bank, and IDBI are in focus due to overall positive sentiment around banking stocks as they continue to benefit from various government schemes and regulatory support.

Vodafone Idea and Indus Towers Stock News:

Telecom stocks Vodafone Idea and Indus Towers are being closely monitored as the sector remains volatile with ongoing reforms and competition.

JSW Steel and Jindal Steel Stock News:

The steel sector stocks JSW Steel and Jindal Steel continue to attract attention as market fluctuations in demand and commodity prices play a key role in their performance.

Hindalco Stock News:

Hindalco remains a significant player in the metals sector. Investors are watching for updates related to commodity price changes and market dynamics.

SAIL and Tata Steel Stock News:

Steel stocks like SAIL and Tata Steel continue to see movement based on industry demand and supply factors, making them stocks to watch closely today.

Whirlpool Stock News:

Whirlpool is gaining attention in the consumer durables space, particularly ahead of the festive season, which traditionally drives demand for consumer goods.

Vedanta Stock News:

Vedanta’s parent company, VRL Resources, has raised $900 million in debt from Citicorp International. This large-scale borrowing could impact Vedanta’s financial health and investor sentiment.

Tata Power Stock News:

Tata Power’s decision to move forward with arbitration against Adaro over coal supply agreement claims might lead to prolonged legal proceedings, potentially affecting its coal supply chain.

KEC International Stock News:

CARE Ratings has downgraded KEC International’s ratings on various bank facilities, raising concerns about its financial health and potentially pressuring the stock.

VST Industries Stock News:

Notable investor Radhakishan Damani sold 1 lakh shares of VST Industries through block deals, a move that might cause some negative pressure on the stock today.

As these developments unfold, the stock market is expected to experience volatility, with both positive and negative updates influencing investor sentiment. While stocks like NTPC and IIFL Finance have strong growth prospects, companies like Vedanta and KEC International may face challenges. Investors are advised to keep a close watch on these stocks throughout the trading day.

IIFL Finance: RBI lifts gold loan restrictions effective immediately

Aditya Bhagchandani — Thu, 19 Sep 2024 12:55:00 +0000

IIFL Finance has announced that the Reserve Bank of India (RBI) has lifted the restrictions imposed on its gold loan business, effective immediately. The restrictions, originally imposed on March 4, 2024, prohibited the company from sanctioning, disbursing, or assigning/securitising/selling any of its gold loans.

In a statement via exchanges, the company shared that this decision by RBI allows them to fully resume their gold loan operations in compliance with all relevant regulations. IIFL Finance expressed its commitment to maintaining high standards of compliance and ensuring that remedial actions remain in place.

Shares of IIFL Finance closed 6.02% lower at ₹497.00 on September 19, mainly due to concerns over a potential credit downgrade resulting from the earlier ban. However, this positive update on the lifting of the gold loan ban, announced post-market hours, is expected to influence the stock performance positively in the next trading session.

IIFL Finance shares drop 5% amid downgrade risk due to gold loan ban

Aditya Bhagchandani — Thu, 19 Sep 2024 04:49:48 +0000

IIFL Finance shares fell by 5% on Wednesday following reports of a potential credit rating downgrade.

According to ET Now, a local agency plans to reduce IIFL’s credit rating from AA to AA- due to the impact of a gold loan ban. Additionally, the company may be forced to cut more than 9,000 employees if the ban persists.

As of 10:15 am, IIFL Finance shares were trading at ₹502.40, reflecting a significant decline amid the uncertainty surrounding the company’s operations.

Indian shadow lender IIFL Finance Ltd is at risk of a credit rating downgrade as early as this week due to an unresolved months-long regulatory ban on its gold loan business, according to Bloomberg.

A local rating agency has notified the company of a potential rating downgrade from AA to AA-, said the sources, who requested anonymity as the details are private.

Fitch places IIFL Finance on ‘Rating Watch Negative’ amid RBI crackdown

Markets Desk — Thu, 14 Mar 2024 11:10:04 +0000

Fitch Ratings has placed India-based IIFL Finance Limited’s ‘B+’ Long-Term Issuer Default Rating (IDR) and medium-term note (MTN) programme rating on Rating Watch Negative (RWN).

The RWN follows a 4 March 2024 regulatory directive by the Reserve Bank of India (RBI) for IIFL Finance to cease new gold-backed lending and related off-balance-sheet funding transactions. The impact of the restrictions will depend on their duration and any spill-over effects on the rest of IIFL Finance’s business.

Fitch will use the Watch period, which is typically up to six months, to gather information on the remediation process and the company’s broader performance following this event. The RWN indicates that the rating could remain unchanged or be downgraded upon the resolution of the Watch.

The RWN reflects downside risk to IIFL Finance’s franchise, profitability and overall risk profile if regulatory restrictions on new gold-backed lending are prolonged. Gold loans are a key product for the company, accounting for 32% of assets under management and 18% of gross on-book loans in the third quarter of the financial year ending March 2024 (3QFY24).

The restrictions apply to new lending and off-balance-sheet funding activities on gold loans. As such, the company will continue to earn income on its outstanding gold-loan portfolio until the balances mature. The financial implications of the curbs will depend on the length of the restrictions, balanced against the company’s ability to maintain other lending activities, which have not been cited in the ruling.

IIFL Finance share price falls another 20% amid RBI crackdown

Aditya Bhagchandani — Wed, 06 Mar 2024 03:58:48 +0000

Shares of IIFL Finance plunged by another 20% for the second consecutive time, dragging the share price down to ₹382.20 in Wednesday’s trading session on both the NSE and BSE.

This decline follows the Reserve Bank of India (RBI) directive instructing the company to halt all activities related to sanctioning or disbursing gold loans, as well as assigning, securitizing, or selling any of its existing gold loans.

The RBI’s decision stems from an inspection of the company’s financial position as of March 31, 2023, during which the banking regulator identified discrepancies in certain areas of the company’s operations.

As of 9:22 am, the shares were trading 20% lower at ₹382.20.

“The Reserve Bank of India, in the exercise of its powers under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, directed IIFL Finance Ltd to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans,” the RBI said in a press release.

IIFL Finance said, “We reaffirm our commitment to rectify observations of the RBI in the gold loan portfolio to comply with RBI findings at the earliest and will continue with our endeavor to provide gold loan services in the overall interest of customers”.

Muthoot Finance, Manappuram Finance share price jumps upto 13% as RBI bars IIFL Finance to issue new gold loans

Markets Desk — Tue, 05 Mar 2024 06:10:05 +0000

Shares of NBFCs Muthoot Finance and Manappuram Finance surged in trade in what was an otherwise weak session for other gold financier IIFL Finance amid the RBI crackdown. Muthoot Finance share price jumped over 13% in trade today to hit an high of Rs 1,527 in the morning trade on NSE, while Manappuram Finance share price jumped close to 5% to hit an intraday high of Rs 199.

The move in Muthoot Finance and Manappuram Finance comes in amid a 20% decline in IIFL Finance share price after the RBI barred it from issuing any fresh gold loans. Both Muthoot Finance and Manappuram Finance operate in the similar business as IIFL and are likely to benefit from the RBI’s decision as the demand for gold loans will shift towards the two NBFCs, experts believe.

The inspection by RBI on IIFL Finance uncovered troubling deviations in the assaying and certification process of gold purity and net weight, both during loan sanctioning and auction proceedings in the event of defaults. Additionally, breaches in Loan-to-Value ratio, excessive cash disbursals and collections surpassing statutory limits, non-compliance with standard auction protocols, and lack of transparency in customer account charges were identified as key areas of concern.

IIFL Finance share price falls 20% to hit lower circuit after RBI bars company from issuing any new gold loans

Markets Desk — Tue, 05 Mar 2024 05:19:23 +0000

IIFL Finance share price on Tuesday saw a 20% decline soon after opening as investors turned cautious after the Reserve Bank of India barred the company from sanctioning or disbursing any new fresh gold loans. The company’s gold loans contribute to over 30% of its overall mix and analysts believe that this will translate into a significant hit for the company’s financials in the coming quarters. IIFL Finance shares hit a low of Rs 477.75, down 20% on the NSE in the morning trade.

RBI bars IIFL Finance from sanctioning, disbursing any fresh gold loans

Markets Desk — Mon, 04 Mar 2024 12:49:12 +0000

The Reserve Bank of India (RBI) on Monday has taken decisive action against IIFL Finance, directing the company to cease all activities related to sanctioning or disbursing gold loans, as well as the assignment, securitisation, or sale of any existing gold loans. This directive, effective immediately, comes as the RBI conducted an inspection of IIFL Finance’s financial position as of March 31, 2023, revealing several significant supervisory concerns within the company’s gold loan portfolio.

As of Q3FY24, gold loans form 31.9% of the company’s total Assets Under Management (AUM).

The inspection uncovered troubling deviations in the assaying and certification process of gold purity and net weight, both during loan sanctioning and auction proceedings in the event of defaults. Additionally, breaches in Loan-to-Value ratio, excessive cash disbursals and collections surpassing statutory limits, non-compliance with standard auction protocols, and lack of transparency in customer account charges were identified as key areas of concern.

These findings highlight regulatory apprehensions regarding the integrity and compliance of IIFL Finance’s gold loan operations. As the company grapples with these challenges, stakeholders and market observers are closely monitoring developments in response to the RBI’s directive.

The RBI’s intervention underscores the critical importance of adhering to regulatory standards to maintain the stability and trustworthiness of financial institutions. Going forward, robust oversight and adherence to compliance measures will be imperative to safeguarding the integrity of the financial system.

Stocks to watch today: NTPC, Gillette India, TVS Electronics, Infosys, TCS

Aryan Jakhar — Tue, 23 Aug 2022 02:52:00 +0000

Here are the top 10 stocks that will be the focus of today’s scrutiny.

Infosys: The second-largest provider of IT services in India has reduced average variable compensation to approximately 70% for the June quarter due to margin pressure and high staff expenditures, sources said. Employees have been advised that the company has cut variable compensation for the June quarter or Q1 FY23 to around 70%. Recently, Wipro and TCS put a hold on employee variable compensation, mostly because of margin pressure, inefficiency in its personnel supply chain, and technological investment.

TVS Electronics: On Monday, TVS Electronics signed a business transfer agreement with GTID Solutions Development to enter the mobile POS software and authentication solutions markets. TVS Electronics will supply hardware and the necessary applications, as well as digital payment and cloud computing software solutions, among other things, to markets like retail, banks, and government. The company and IP rights of GTID Solutions will be purchased by TVS Electronics. TVS Electronics anticipates that the deal will close on or around October 31, 2022.

TCS: On Monday, the Indian IT behemoth said that Absa Corporate and Investment Bank (CIB) of South Africa has hired it to digitally revamp its investment banking services. To provide on-cloud trading and investing services for Absa CIB’s clients, TCS will make available its “BaNCS” platform. TCS will power Absa CIB’s front- and mid-end operational services, including trade management, clearing and settlement of trades, and other “operational and administrative” services, according to a joint announcement from the two businesses.

Gillette India: For the fourth quarter that concluded on June 30, 2022, Gillette India, a manufacturer of shaving products, recorded a net profit of 67.59 crore, a more than twofold rise over the previous quarter. In the same quarter of the prior fiscal, the company, which uses a July-June financial year, had declared a profit of 27.53 crore. In comparison to the corresponding period, its revenue from operations increased by 26.81% to 552.89 crore during the quarter under review.

NTPC: The first phase of the 20 MW Gandhar Solar PV Project in Gujarat has been put into service by the public sector company NTPC Limited in Gandhar. On Monday, the company made the announcement in a stock market regulatory filing. The first portion of the 20 MW Gandhar Solar PV Project was successfully put online by NTPC, making it the fourth successful renewable energy project put online this month.

Bank of Baroda: State-owned Bank of Baroda announced on Monday that it will issue bonds to raise 2,500 crores of rupees to finance commercial expansion. The issuing of Basel III compliant Additional Tier 1 (AT1) bonds for a total issue size of Rs. 2,500 crore in single or multiple tranches has been approved by the bank’s Capital Raising Committee, according to a regulatory filing from the lender.

Sobha Ltd.: Following a settlement in a case involving alleged fraudulent trading and disclosure violations, the market regulator Sebi has concluded the adjudication procedures against the real estate company Sobha Ltd. and four individuals. The four people have paid a total of Rs 2,92,50,000 as part of the settlement. It was alleged, among other things, that Sobha Ltd had falsely declared the service tax/GST dues of a certain D K Shivakumar (DKS) in three financial years—2016–17, 2017–18, and 2018–19—as well as the receivables for the construction of the individual’s dwelling.

RBL Bank: On Monday, RBL Bank announced that its board has authorised funding up to 3,000 crore to support the lender’s commercial expansion. According to the bank’s regulatory filing, the shareholders must approve the fundraising. Additionally, in addition to the residual/remaining options that are still pending under the ESOP 2018, the board has approved the issuance of 1.75 crore additional equity stock options, exercisable into an equivalent number of fully paid up equity shares of 10 apiece.

Godrej Agrovet: Governments of Assam, Manipur, and Tripura have inked Memorandums of Understanding (MoUs) with leading diversified agribusiness company Godrej Agrovet to develop and promote oil palm planting in those three states under the National Mission on Edible Oils-Oil Palm initiative. Palm oil is a net importer into India.

IIFL Finance: According to sources, the allocation of 53,76,457 of its equity shares to the affiliate of the Abu Dhabi Investment Authority was approved by the board of directors of IIFL Home Finance, a subsidiary of IIFL. After the aforementioned transaction, the investor will possess a 20% interest in IIFL Home Finance. The investor gave the corporation 2,200 crore in exchange for the deal.

IIFL Home Finance NCD issue to open on July 6 and close on July 28

Nishita Sharma — Tue, 06 Jul 2021 10:20:02 +0000

On Tuesday, July 6, IIFL Home Finance announced its public issue of NCD with a face value of Rs.1,000 starting from today i.e. July 6 to July 28. The current issue size is Rs.100 crores as a base issue with an option to retain its oversubscription up to Rs.900 crores which is likely to aggregate up to Rs.1000 crores as tranche issue.

The Minimum Application should be 10 NCD wherein all other options of NCDs should be in multiple of 1 NCD thereafter.

The company has its retail focused on its housing finance company providing loans to first time home buyers with economically weaker sections and low income group segment in the suburban area of India is classified as 1,2 and 3 tier cities. It also serves salaried and self employed customer whose accounts are at 44.37% to 55.63% of its AUM as of March 31,2021.

The housing loan and secured business loans have an average of loan to loan value starting at 71.40% to 47.24% at the time of sanctioning loans. The company has a focused states like, Gujarat, Andhra Pradesh, Telangana, Madhya Pradesh, Karnataka, Rajasthan, Maharashtra and Punjab.

The competitive strength of the company is that it has a large presence in affordable housing segment with the fastest growing sub-segment of Indian mortgage market. It also stands at market with highest growth potential.

The company also strategies with tier 2 and tier 3 cities and also increases in penetration with existing market and also offers new products.

IIFL Finance to issue Rs 100 crore NCDs

Chittesh Dalmia — Tue, 17 Nov 2020 06:16:23 +0000

IIFL Finance announced on Tuesday that it has approved allotment of 8% Non-Convertible Debentures (NCD) to raise Rs 100 crore.

The Mumbai based company stated in its BSE regulatory filing, “Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that Finance Committee of the Board of Directors of the Company vide Resolution dated November 17, 2020 approved allotment of 1,000 Non-Convertible Debentures namely Secured Redeemable Non Convertible Debentures Series D10 of Face Value of INR 10 Lakhs each, for cash at par, aggregating to INR 100 Crores, on Private Placement Basis.”

IIFL Finance partners with CSB Bank for gold loan co-origination

Chittesh Dalmia — Tue, 27 Oct 2020 05:37:12 +0000

IIFL Finance Ltd. announced on Tuesday that it had partnered with Catholic Syrian Bank (CSB Bank) for gold loan co-origination, sourcing and managing.

The Thane based company stated in its BSE regulatory filing. “IIFL, acting as Business Correspondent (BC) of the Bank, will source new business from markets where CSB Bank does not have adequate branch network. IIFL, with its vast branch network, would help CSB Bank penetrate the lower strata of customers and rural areas, where the Bank currently does not have adequate reach. This arrangement would result in scaling up of the customer base.”

Mr. C.VR. Rajendran, Managing Director & CEO, CSB Bank said, “CSB Bank endeavours to serve individuals who are either under-banked or un-banked. Gold loan is the core business driver for the Bank. IIFL Finance with its extensive branch network, robust technology and more than a decade’s experience in Gold Loan business, is the ideal long term partner, to help the Bank penetrate the under-served segments of the customers in under covered geographies of the country.”

Mr. Nirmal Jain, Chairman of IIFL Finance said, “This is a win-win partnership, which combines the strengths of the Bank’s balance sheet and NBFC’s last mile connect with the customers, to help financial inclusion of the under privileged customers in need of credit on reasonable terms. CSB Bank’s strong financial position, institutional ownership and focus on governance, makes us excited about the partnership’s potential.”

“CSB Bank is one of the oldest private sector banks in India, with its strong presence in Kerala, Tamil Nadu, Karnataka, and Maharashtra through 432 branches and an overall customer base of 1.5 million in SME, retail, and NRI segments. Recently, the bank reported a three-fold surge in profit for the
quarter ended September 30, helped by a surge in gold loan business, where assets grew 47%.”

The pandemic created various operational and financial challenges for businesses. But with the help of Guaranteed Emergency Credit Line Scheme (#GECL) & #IIFLFinance, a line of credit was issued for sustenance & growth of the business. #Testimonials #AtmaNirbharBharat pic.twitter.com/UfQ8Rjjh64

— IIFL Finance (@IIFL_Finance) October 21, 2020