IIFL Home Finance files Draft Shelf Prospectus for R

IIFL Home Finance files Draft Shelf Prospectus for Rs 5,000 cr NCD fund raise

Retail focused and technology driven Housing Finance Company, IIFL Home Finance Ltd (“IIFLHFL”) has filed with a draft shelf prospectus with BSE Limited and National Stock Exchange of India Limited (“Stock Exchanges”) for a public issue of secured redeemable non-convertible debenture s (“Secured NCDs”) and / or Unsecured Subordinated Redeemable  non-convertible debentures (“Unsecured NCDs”) (Secured NCDs and Unsecured NCDs are collectively referred to as “NCDs”) for an amount aggregating upto Rs.50,000 Millions (“Shelf Limit”) (“Issue). The face value of each secured and unsecured NCD will be Rs 1000 each and will be issued in one or more tranches.

Objects of the NCD issue is for the purpose of onward lending, financing and for repayment/prepayment of interest and principal of existing borrowings of the company besides general corporate purposes. As on March 31, 2021 the companies CRAR - Tier 1 Capital, in accordance with the Reformatted Financial Statements was 19.61%.

Credit rating for the proposed NCDs is CRISIL AA/Stable by Crisil Ratings Ltd. and BWR AA+/Negative (Assigned) by Brickwork Ratings India Pvt Ltd. IIFLHFL’s main focus has been to provide loans to the first time home buyers in the economically weaker section and lower income segments in the suburbs of tier 1, tier 2 and tier 3 cities. Salaried and Self Employed customers account for 44.37% and 55.63% of its Rs. 206,936.87 million AUM as of March 31, 2021, which has grown at a CAGR of 20.64% over the last 5 Fiscal Years. It’s home loan avg ticket size is approx. Rs.1.73 milion.

In addition to having access to IIFL Groups 2300+ touch points, the company currently operates out of 125 branches across 16 states and 1 union territory across India.

85.16% of its housing loans have been sourced digitally in the last financial year 2021. The investment in technology has not only helped the company in improving customer experience, but also in reducing operating cost and development of new business opportunities.

Under the PMAY-CLSS scheme, IIFL Home Finance has helped empower over 43,000 customers with more than Rs.10 bn in subsidies as of March 31, 2021.

Lead Managers appointed to the issue are Edelweiss Financial Services Ltd, IIFL Securities Ltd*, ICICI Securities Ltd, Trust Investment Advisors Pvt Ltd and Equirus Capital Pvt Ltd.

 

Macrotech Developers raises 740 Cr from

         Macrotech Developers raises 740 Cr from 14 Anchor Investors

Demand Allocation across marquee names with 12 Foreign Portfolio Investors, 2 Domestic Funds including 1 domestic mutual Funds

 ANCHOR SHEET UPLOADED ON THE EXCHANGES IS ATTACHED 

Affordable and Mid Income Housing focused Macrotech Developers Limited also known as Lodha Developers has raised Rs. 740 crore from 14 anchor investors. The company informed the bourses that it has allocated 1.52 Cr shares at Rs. 486 per share on Tuesday, April 6, 2021 to anchor investors.

12 Foreign Portfolio Investors who participated in the anchor were Capital Group; Nomura; Ivanhoe Cambridge, real estate arm of CDPQ; Wellington Asset Management,; Abu Dhabi Investment Authority, Abu Dhabi’s sovereign fund; Platinum Asset Management, Marshall Wace, Brookfield Asset Management, Segantii, York, Oxbow and Discovery. These investors were allocated approximately 1.45 Cr. shares for approximately Rs 705 Cr.

 

2 domestic investors including 1 mutual funds were allocated approximately 7.3 Lakh shares for approximately INR 35.3 Cr. These included HDFC Mutual Fund and Premji Invest, India’s largest family office.

 

Axis Capital Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited are the global coordinators and book running lead managers and ICICI Securities Limited, Edelweiss Financial Services Limited, IIFL Securities Limited, JM Financial Limited, YES Securities (India) Limited, SBI Capital Markets Limited and BOB Capital Markets Limited are the book running lead managers to the Initial Public Offering.

Company Information

Macrotech Developers with strong footing of 570 lakh sq feet  deliveries in FY 2014-20 in India, caters to housing demands across consumer segments, delivers at scale and aims at providing quality homes to every aspiring home-buyer. The Group with its early entry in affordable and mid income housing in Mumbai region has deep understanding of the consumers segment and demonstrates 2/3 of its business from the segment. As recent as FY 2020, the affordable and mid income housing segment contributed 57.77% of the overall business for the group, further determines its strong focus and potential in the segment.

It currently has 36 ongoing projects comprising approx. 28.78 mn sq feet Developable area of which 23.57 mn sq feet is in affordable and mid income housing.

 

As on Dec 31,2020 it had 3803 acres with an estimated developable area of approximately 322 mn sq feet for future development in Upper Thane, Dombivali

Home First Finance Company Limited Initial Public Offering of

 Home First Finance Company Limited Initial Public Offering of Equity Shares opening on Thursday, January 21, 2021

 ·         Price Band of Rs. 517– Rs. 518 per equity share of face value of Rs. 2 each (“Equity Share”)

·         Bid/Offer Opening Date – Thursday, January 21, 2021 and Bid/Offer Closing Date – Monday, January 25, 2021

·         Minimum Bid Lot is 28 Equity Shares and in multiples of 28 Equity Shares thereafter

The Floor Price is 258.50 times the Face Value of the Equity Shares and the Cap Price is 259 times the Face Value of the Equity Shares.

 Home First Finance Company India Limited (the “Company”), will open the Bid/Offer period in relation to its initial public offering of Equity Shares (the “Offer”/ “IPO”) on Thursday, January 21, 2021 and close on Monday, January 25, 2021. The price band for the Offer has been decided at [Rs. 517– Rs. 518 per Equity Share. The Company and the Promoter Selling Shareholders may, in consultation with the book running lead managers (the “BRLMs”), consider participation by Anchor Investors which shall be one Working Day prior to the Bid/Offer Opening Date, i.e. Wednesday, January 20, 2021.

The Offer aggregating up to Rs. 11,537.19 million comprises of a fresh issue of up to Rs. 2,650 million and an offer for sale aggregating up to Rs. 8,887.19 million by the Selling Shareholders, being True North Fund V LLP (“True North”) and Aether (Mauritius) Limited (“Aether”) (collectively, “Promoters”), Bessemer India Capital Holdings II Ltd, an existing investor and certain individual shareholders of the Company.  

The fresh issue portion of the Offer aggregates up to Rs. 2,650 million, excluding the pre-IPO placement of approximately Rs 750 million and Rs 40.84 million to Orange Clove Investments B.V (an affiliate of Warburg Pincus) and certain employees of the Company, respectively by way of preferential allotments. The Offer for Sale aggregates up to Rs 8,887.19 million; the breakup of which is as the follows: up to Rs. 4,356.15 million by True North, up to Rs. 2,912.83 million by Aether, up to Rs. 1204.61 million by Bessemer India Capital Holdings II Ltd. and up to Rs. 413.60 million by the two individual shareholders.

Axis Capital Limited, Credit Suisse Securities (India) Private Limited, ICICI Securities Limited and Kotak Mahindra Capital Company Limited are the BRLMs to the Offer.

The Offer is being made through the Book Building Process and in compliance with Regulation 6(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the “SEBI ICDR Regulations”), wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, the “QIB Portion”). Further, not less than 15% of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer P