Retail bonds of Rs 553 crore including interests has been repaid, says IIFL

IIFL Finance (previously India Infoline Finance) on Sunday said it has repaid Rs 553 crore of retail bonds, which includes interests, this month. The company had issued these retail bonds in September 2013, when interest rates were high, a release said here. "We had issued these retail bonds in September 2013, when interest rates were high.

We will replace these bonds with lower cost instruments thus bringing down our overall funding costs," IIFL Holdings Chief Financial Officer Prabodh Agrawal said. IIFL Finance is comfortable in terms of liquidity and has been conservative in its overall Asset Liability Management policy, he added.

The company is the non-banking finance company under IIFL Holdings, which is a leading diversified financial services company. IIFL Finance provides a home, business, gold, commercial vehicle and micro-finance loans among others to a broad segment of customers including salaried and self-employed personnel and corporates. The company is part of diversified financial services entity IIFL Group with a market capitalization of about Rs 24,000 crore.