Non-banking financial company IIFL Finance on Thursday said it has secured $100 million (about Rs 819 crore) in long-term funding from Export Development Canada and Deutsche Bank.
The Fairfax-backed company said it has received $50 million each from Export Development Canada and Deutsche Bank, and this round is the second investment by the Canadian institution, which had invested $100 million in 2019.
The deal was structured by Deutsche Bank as the lead arranger, book runner and co-financier.
IIFL Finance, which had raised $400 million through its maiden dollar bond issue in February 2020, said the money will be used to pre-pay existing higher cost debt, which will help it save significantly on its borrowing costs.
Kapish Jain, group chief financial officer of IIFL Finance, said these funds are long-term in nature and will help us further strengthen our asset liability position and support our continued growth across our core businesses.
IIFL Finance is one of the largest retail-focused NBFCs with a loan book of Rs 57,941 crore as of December 2022.
Export Development Canada is a financial crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. Deutsche Bank is Germany's largest bank with a strong position in Europe and a significant presence in the Americas and Asia Pacific.
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