India Infoline Investment Services Limited (IIISL) is a downstream subsidiary of India Infoline Ltd and has holdings in India Infoline Housing Finance Ltd (license received in 2009), Moneyline Credit Ltd. (an NBFC) & India Infoline Distribution Co. Ltd.
IIISL has come up with a NCD (Non Convertible Debenture) issue on 4th Aug 2011 and will close on 12th Aug. The coupon is 11.70%-11.90% depending upon series (1, 2 & 3) selected.
The base issue size is Rs 375 Crore with a greenshoe option of Rs 375 Crore making the Issue size to be Rs 750 Crores out of which 40% is reserved for the Retail Category.
The Issue is Rated AA- by CARE and AA-/Stable by ICRA indicating stable outlook.
There is a 40 month premium on redemption option in Series 2 (cumulative option) which is fairly attractive considering the fact that the issue is going to be listed on NSE/BSE and hence offers better tax adjusted returns (Gains in listed NCDs for a holding period of more than 12 months are treated as Long term capital gains).
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