India Infoline Finance Limited

India Infoline Finance Ltd. (IIFL) is a Systemically Important Non-deposit accepting Non-Banking Financial Company ("NBFC-NDSI") registered with the RBI, catering to the credit requirements of a diverse customer base with its plethora of products. Its offerings include mortgage loans, gold loans, commercial vehicle finance, MSME finance, construction and real estate finance, capital market finance, and micro finance; catering to both retail and corporate clients. It is a subsidiary of IIFL Holdings Limited, which is one of India's leading financial services player, primarily engaged in the business of loans and mortgages, wealth and asset management, retail and institutional broking and investment banking. These NCDs have tenures of 39 months, 60 months and 120 months. It offers coupon rates ranging from 9.50% to 10.50% based on selection of investors. Frequency of interest payments will be Monthly, Annually or cumulative as per the choice of investors. This issue has no Put and Call options Allotment will be made on "first come-first served" basis. Allotment of these NCDs will be in dematerialised mode only. Application is to be made through ASBA mode only. As on Sept 30, 2018 it had a total of 1755 branches. As on said date, on a consolidated basis, its total AUM stood at Rs. 36737.29 crore, its gross and net NPAs were 2.21% and 1.05% respectively.  For FY18 and H1 of FY19 it has posted net profits of Rs. 5543.01 cr. and Rs. 3572.59 cr. respectively. As on 30.06.18 on standalone basis IIFL's Gross and Net NPAs stood at 3.14% and 1.50% respectively. Post issue its debt-equity ratio will stand increased to 8.94 from 7.68 as on 30.09.18. This issue is rated as BWR AA+/Stable by Brickworks, CRISIL AA/Stable by CRISIL and ICRA AA/Stable by ICRA. This rating indicates that instruments with such ratings are considered to have a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. So we give 'SUBSCRIBE' rating to this NCD.

• 1 IIFL Holdings Limited