• Source:PTI
Add as a preferred

IIFL Right Issue:  IIFL Finance on Wednesday said its board has approved raising Rs 1,271.83 crore from a rights issue at Rs 300 per share. In the previous month, the IIFL board did not give consent for raising more than Rs 1,500 crore by issuing shares on a rights basis to current eligible shareholders as of the record date.

The Reserve Bank of India (RBI) has prohibited NBFCs from sanctioning or disbursing gold loans. In a regulatory filing on Wednesday, IIFL Finance said its board has approved issuing 4,23,94,270 fully paid equity shares for an amount of up to Rs 1,271.83 crore (full subscription in respect of rights equity shares Considering).

Also read: Small-Cap Mutual Funds' Assets Soar 83% To Rs 2.43 Lakh Crore In FY24 On Retail Investor Boom

In this, the price of Rs 300 per share including a premium of Rs 298 per unit was approved and the record date has been set as April 23, 2024. Rights Equity Shares, for every 9 fully paid equity shares held by eligible equity shareholders of the company as on the record date, can be applied for by existing shareholders between April 30 and May 14.

Last month, the RBI prohibited IIFL Finance Ltd from disbursing gold loans with immediate effect following several supervisory concerns, including severe deviations in testing and certifying the purity of the yellow metal. The RBI had said that the supervisory restrictions would be reviewed upon completion of a special audit to be initiated by the RBI and after the company rectifies the special audit findings and the findings of the RBI inspection to the satisfaction of the central bank.

 (With PTI Inputs)

Also read: RBI Proposes Amendments To Payment Aggregators Guidelines; Details