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360 ONE Prime aims to raise Rs 1,000 cr through non-convertible debentures

As of March 2023, the company's assets under management stood at Rs 4,927 crore, and the net profit stood at Rs 234.52 crore. The total revenue of the company stood at Rs 673.66 crore

debt, money, loans, invest, income, mutual fund, MF, investment, bad loans, debenture,

Anjali Kumari Mumbai

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Non-banking financial company, 360 One Prime, announced on Monday that it aims to raise funds of up to Rs 1,000 crore through a public offering of non-convertible debentures (NCDs) starting from January 11. The issue is scheduled to close on January 24.

The NCDs are divided into four maturity options of 18 months, 24 months, 36 months, and 60 months. The base issue size is set at Rs 200 crore, with a green shoe option allowing for an additional Rs 800 crore, bringing the total fundraising to Rs 1,000 crore, which is within the shelf limit of Rs 1,500 crore, the company said in a release.
 

As of March 2023, the company’s assets under management stood at Rs 4,927 crore, and the net profit stood at Rs 234.52 crore. The total revenue of the company stood at Rs 673.66 crore.

360 ONE Prime Limited, formerly known as IIFL Wealth Prime Limited, stands as a wholly-owned subsidiary of 360 ONE WAM Limited. The entity functions as a lending vehicle and operates as a non-deposit taking non-banking financial company (NBFC). Classified as a middle-layer NBFC, it offers a diverse product suite, specializing in Loans against Securities (LAS), Loan-against-Property (LAP), and various unsecured lending products.

The NCDs have been given a credit rating of 'AA' with a 'Stable' outlook by CRISIL Ratings Limited and ICRA Limited.

The effective yield offered to NCD holders in all Categories ranges from 9.26 per cent to 9.65 per cent per annum. Coupon rates on these bonds range from 8.91 per cent to 9.66 per cent per annum.

The proceeds from the issue will be used for onward lending, financing/refinancing existing debt and interest payment of existing borrowings, and other general corporate purposes, the release said.

The NBFC caters to the financing needs of its clients through a range of lending solutions. These solutions are tailored to include term loans and advances and are designed to meet funding requirements by leveraging a combination of liquid and illiquid financial assets.

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First Published: Jan 08 2024 | 6:42 PM IST

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