NBFC company IIFL Finance stated that it has raised $175 million through external commercial borrowing (ECB) route in the month of June 2023. The retail focused NBFC has raised $75 million from HSBC, $50 million from Union Bank (Sydney) and $50 million from Bank of Baroda (IFSC unit).
The funds were raised at SOFR plus 200 basis points offering competitive sources of funds to the rapidly growing NBFC, a statement said.
IIFL Finance’s external commercial borrowing of $175 million in June 2023 along with the $100 million funding raised in March 2023 will take the total borrowing since March 2023 to $275 million. Earlier on March 31, 2023, IIFL Finance had raised $100 million through ECB route which included $50 million in long-term funding from Export Development Canada with co-financing of $50 million from Deutsche Bank (Singapore), the statement said.
Kapish Jain, Group CFO, IIFL Finance Limited said, “These funds are long-term in nature and will help us further strengthen our ALM position and support our continuous growth across our core businesses. This also helps in diversifying our borrowing sources and lower our overall borrowing costs.”
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