Established in 1995, IIFL Samasta Finance emerges as a leading provider of microfinance solutions in India, functioning as a Non-Banking Financial Company Microfinance Institution (NBFC MFI). With a steadfast commitment to uplifting women enrolled as members and organized within Joint Liability Groups, IIFL Samasta Finance, a subsidiary of IIFL Finance Limited, spearheads the delivery of innovative and easily accessible financial services.
Catering to the financially underserved populace devoid of traditional banking avenues, the institution extends a range of loan products tailored to their unique needs. These offerings encompass Income Generating Loans (IGL), facilitating the initiation or expansion of entrepreneurial ventures, alongside top-up loans, real estate financing, micro-enterprise support, and lifestyle and family welfare assistance. Notably, the latter category encompasses financial provisions aimed at enhancing the quality of life, including loans for procuring dairy cattle, promoting sanitation and hygiene, and facilitating the acquisition of essential household items such as cook stoves, water purifiers, cell phones, and solar lighting solutions.
IIFL Samasta Finance NCD IPO Tranche II May 2024 Detail
| Issue Open | June 3, 2024 – June 14, 2024 |
| Security Name | IIFL Samasta Finance Limited NCD IPO |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 200.00 Crores |
| Issue Size (Oversubscription) | Rs 800.00 Crores |
| Tranche Issue Size | Rs 1,000.00 Crores |
| Issue Size (Shelf) | Rs 2,000.00 Crores |
| Tranche Number | II |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE, NSE |
| Credit Rating | CRISIL AA-/Watch Developing by CRISIL Ratings Limited and ‘ACUITE AA | Rating Watch Negative Implications’ by Acuite Ratings & Rese |
| Tenor | 24, 36 and 60 Months |
| Series | Series I to VI |
| Payment Frequency | Monthly and Annually |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Beacon Trusteeship Limited |
IIFL Samasta Finance NCD IPO Allocation Ratio
| Category | NCD’s Allocated |
|---|---|
| Institutional | 10% |
| Non-Institutional | 30% |
| HNI | 30% |
| Retail | 30% |
IIFL Samasta Finance Limited NCD IPO Coupon Rates
| # | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 |
|---|---|---|---|---|---|---|
| Frequency of Interest Payment | Monthly | Annual | Monthly | Annual | Monthly | Annual |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 24 Months | 24 Months | 36 Months | 36 Months | 60 Months | 60 Months |
| Coupon (% per Annum) | 9.20% | 9.60% | 9.57% | 10.00% | 10.03% | 10.50% |
| Effective Yield (% per Annum) | 9.60% | 9.60% | 10.00% | 10.00% | 10.50% | 10.49% |
| Amount on Maturity (In Rs.) | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 |
IIFL Samasta Finance NCD IPO Rating
The credit ratings assigned to the Non-Convertible Debentures (NCDs) proposed within the scope of this Tranche II Prospectus have undergone revalidation. CRISIL Ratings Limited has reaffirmed a rating of CRISIL AA-/Watch Developing (continuing on ‘Rating Watch with Developing Implications’) for an aggregate amount of ₹2,000 crore, as per their rating letter dated May 8, 2024. Additionally, Acuite Ratings & Research Limited has reaffirmed a rating of ‘ACUITE AA | Rating Watch Negative Implications’ for an equivalent sum of ₹2,000 crore, as indicated in their rating revalidation letter dated May 10, 2024.
Company Promoters
Mr. Narayanaswamy Venkatesh, Mr. Shivaprakash Deviah, and IIFL Finance Limited are the promoters of the company.
Company Financials
IIFL Samasta Finance Limited IPO Financial Information (Restated)
IIFL Samasta Finance Limited’s revenue increased by 58.02% and profit after tax (PAT) rose by 292.45% between the financial year ending with March 31, 2024 and March 31, 2023.
| Period Ended | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 11,400.26 | 8,904.10 |
| Revenue | 2,770.93 | 1,753.51 |
| Profit After Tax | 503.04 | 128.18 |
| Net Worth | 1,919.99 | 1,272.85 |
| Amount in ₹ Crore | ||
Objects of the Issue
The company intends to utilize the net proceeds from the issue towards the funding of the following objects:
- For onward lending, financing / refinancing the existing indebtedness of the company, and/or debt servicing (payment of interest and/or repayment/prepayment of interest and principal of existing borrowings of the company); and
- General Corporate Purposes.
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