Banking regulator seeks interest from Sebi-empanelled audit firms to conduct the audit
"The move reflects a downside risk to IIFL Finance's franchise, profitability and overall risk profile if regulatory restrictions on new gold-backed lending are prolonged," Fitch said in a note
Adds two directors on board, rejigs top management
For fairer assessment, select a lender that uses an external assayer
This follows the Reserve Bank of India's (RBI's) restrictions on non-banking financial companies (NBFCs) from engaging in gold loan business
IIFL Finance had said that Fairfax India had agreed to invest up to $200 million of liquidity support on terms to be mutually agreed upon and subject to applicable laws and regulations
IIFL Finance is among India's top two NBFCs in the gold loan business. It has a gold loan portfolio of Rs 24,692 crore, which was 32 per cent of its total loans of Rs 77,444 cr, as at Q3FY24
NBFC's stock falls another 20% after RBI bars it from disbursing gold loans
NBFC's stock falls another 20% after RBI bars it from disbursing gold loans
Company has enough liquidity and there is no governance at play, says NBFC's managing director
Non-banking financial company 360 One Prime, formerly IIFL Wealth, on Monday said it will raise up to Rs 1,000 crore debt through its maiden public issue of secured, redeemable, Non-Convertible Debentures (NCDs). The first tranche of the issue, which will be listed on the BSE, will open for subscription on January 11, with a base issue size of Rs 200 crore and an option to retain over-subscription of up to Rs 800 crore, the company in a statement said. 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 company offers a coupon rate of 8.91-9.66 per cent per annum, depending on the tenor -- 18, 24, 36, and 60 months with monthly and annual interest payment options across eight series -- Karan Bhagat, Founder, and Chief Executive of the company, said. 360 One Prime is a wholly-owned subsidiary of 360 One WAM, which was formerly known as IIFL Wealth ...
Piramal to adjust Rs 3,164 cr; IIFL Finance sees Rs 161 cr impact
The company's non-fund based income, including fees and commissions, rose by 24 per cent year-on-year to Rs 598 crore in the reporting quarter
IIFL Fintech Fund was established in August 2021, with a corpus of Rs 210 crore and sponsorship from two group companies - IIFL Finance and IIFL Securities
With a borrowing of $100 million in March, the total borrowing in 2023-24 (FY24) so far has reached $275 million
The SEBI has prohibited the Company from onboarding new clients for a period of two years in respect of its business as a stock broker.
SEBI said the notice has violated the provisions of SEBI 1993 Circular in various ways to clearly disregard the basic premise of the said circular both in letter and spirit
Brokerage was mixing clients' funds with proprietary funds, says Sebi order
India's economic environment is positive and liquidity has become 'fairly benign', he says
CY23 will be a very topsy-turvy year for equity markets, but it will also be excellent for long-term investors looking for sharp market dips to build strong positions: IIFL Securities chairman