IIFL Finance Ltd (IIFL)

IIFL Finance Faces RBI Audit Over Loan Disbursement Practices - 25 Apr, 2024

The Reserve Bank of India has initiated a special audit over concerns around certain loan disbursement practices at IIFL Finance. The company has suspended the disbursement of fresh gold loans until satisfactory completion of the audit and is extending full cooperation to the special audit team.

IIFL Finance Undergoes Special Audit Directed by RBI - 24 Apr, 2024

IIFL Finance is undergoing a special audit directed by the Reserve Bank of India (RBI) following concerns over certain loan disbursement practices. The company plans to increase its green housing portfolio to Rs 5,000 crore in the next three years. Additionally, it has been included in the Nifty 500 Value 50 index while Brightcom Group has been removed. Consolidated net profit surged 29.64% YoY.

IIFL Finance Undergoes RBI Special Audit - 23 Apr, 2024

The Reserve Bank of India has initiated a special audit on IIFL Finance due to concerns related to certain loan disbursement practices, specifically regarding gold loans. The company's shares have lost nearly 30% in market value since the RBI imposed an embargo on new gold loans in March 2024. The audit is expected to identify any lapses or discrepancies and take appropriate remedial measures.

IIFL Finance Board Approves Rights Issue - 18 Apr, 2024

IIFL Finance's board has approved a rights issue to raise up to Rs 1,271.83 crore at a price of Rs 300 per share. The record date is April 23, and the application period for existing shareholders is between April 30 and May 14.

IIFL Finance Announces Rights Issue to Raise Capital - 17 Apr, 2024

IIFL Finance's Board of Directors has approved a rights issue of equity shares worth Rs 1,272 crore at a discounted price of Rs 300 per share. The move comes after the Reserve Bank of India barred IIFL from offering gold loans due to supervisory concerns in its portfolio.

Fairfax Subsidiary Provides Rs 500 Crore Lifeline to IIFL Finance - 16 Apr, 2024

Odyssey Reinsurance, a subsidiary of Fairfax Financial Holdings, has provided a three-year debt of Rs 500 crore to IIFL Finance in the form of secured, rated, listed bonds at a 9.5% coupon rate. The lifeline comes after the Reserve Bank of India banned IIFL from offering gold loans due to irregularities in its lending process.

IIFL Finance Board to Meet on April 17 for Rights Issue Terms - 15 Apr, 2024

The board of directors of IIFL Finance will meet on April 17 to consider the specific terms of the rights issue, which was approved in March for fund raising up to Rs 1,500 crore. The meeting will cover the rights issue price and related payment mechanism, the rights entitlement ratio, the record date, and the timing of the rights issue.

CARE Ratings Revises IIFL Finance's Credit Watch to Negative - 14 Apr, 2024

CARE Ratings has revised the credit watch on IIFL Finance Ltd's long-term debt instruments and bank facilities from Rating watch with developing implications to Rating watch with negative (RWN) implications. The non-banking finance company's gold book is expected to run down in the next 2-3 quarters if RBI restrictions prolong, as gold loans constitute about 79% of its standalone AUM.

IIFL Finance to Consider Terms of Rights Issue in Board Meeting - 12 Apr, 2024

IIFL Finance will discuss the terms of a rights issue, including price and entitlement ratio, in its board meeting on April 17. The company reported a 29% increase in net profit to ₹545 crore in Q3 2024, with overall loan growth climbing 34% to ₹77,444 crore. Market capitalisation stood at ₹16,013.59 crore as of April 12.

IIFL Finance Ltd's Top 7 Shareholders Own Over Half of the Company - 09 Apr, 2024

Institutional investors own 28% of IIFL Finance Limited, with the top 7 shareholders owning 53%. Insiders hold a significant stake. Last week's market cap gain would be appreciated by institutional investors after a year of losses.

IIFL Finance Sells Real Estate Developer Loans to Phoenix ARC - 08 Apr, 2024

Kotak Mahindra Bank-sponsored asset reconstruction company, Phoenix ARC, has purchased ₹1,800 crore of two real estate developer loans from IIFL in a structured deal, offering around 83% recovery to the non-bank lender. The sale helped IIFL bring down gross and net stage-3 assets to 1.8% and 1.1%, respectively, of its loan book as of March 31, 2023. However, after RBI's order to cease gold loan disbursement, rating firms have put the company's rating under watch.

IIFL Finance Receives Approval to Acquire Stake, Shares Climb Over 15% - 05 Apr, 2024

IIFL Finance's stock climbs over 15% with a revised price band limit of 20%, following the company's announcement of receiving NSE approval to acquire a 0.18% stake in the exchange. The acquisition will be conducted on an arms-length basis and is not intended to gain control over the target entity's management.

IIFL Finance Receives Approval for NSE Share Acquisition - 02 Apr, 2024

IIFL Finance has received approval from the National Stock Exchange of India (NSE) to acquire shares worth Rs 284.4 crore of the bourse from FIH Mauritius Investments Ltd, a Fairfax India Holdings Corp.-backed company. The deal values NSE at Rs 1,58,000 crore.

RBI Initiates Special Audits for IIFL Finance and JM Financial's Material Products Arm - 30 Mar, 2024

The Reserve Bank of India has started the process to appoint auditors for special audits of IIFL Finance and JM Financial's material products arm. This comes after the RBI put a curb on IIFL Finance earlier this month for non-compliance with regulatory guidelines.

Arun Kumar Purwar Appointed Chairman of IIFL Finance - 27 Mar, 2024

IIFL Finance has appointed Arun Kumar Purwar as the Chairman and additional non-independent non-executive director effective April 1. He is currently an independent director at IIFL Finance.