IIFL Finance to close retail bond issuance at ~750 crore

IIFL Finance said on Thursday it would close its retail bond issuance 10 days early on Friday, after its base issue was oversubscribed 7.5 times. The company’s base issue was of ~100 crore with an oversubscription option of another ~900 crore. But the Fairfax -backed non-banking financial company said it will stop at ~750 crore. IIFL Finance received the bids within nine working days since the issue opened on September 27. The original plan was to end the issuance on October 18. IIFL Finance will use the capital for business growth and capital augmentation.