Indian non-bank lender IIFL Finance plans a ₹12.72bn rights issue after RBI bans gold loans.

IIFL Finance, an Indian non-bank lender, plans to raise ₹12.72bn ($152m) through a rights issue after being banned from offering gold loans by the RBI. The board has approved the issuance of up to ₹1,500 crore, offering 4,23,94,270 equity shares at ₹300 per share to reinforce capital. The rights issue is open from April 30 to May 14, 2024, and aims to bolster the company's financial position following the central bank's order.

April 17, 2024
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