IIFL

March 30 (Reuters) - IIFL Finance Ltd IIFL.NS:

• SPECIAL AUDIT DIRECTED BY TAX DEPARTMENT HAS BEEN CONCLUDED

• WORKING TOWARDS EXPEDITIOUS COMPLETION OF ONGOING BLOCK ASSESSMENT PROCEEDINGS

Source text: ID:nBSE4Ksrqj

Further company coverage: IIFL.NS

((Reuters.Briefs@thomsonreuters.com;;))

Adds details on structure, background in paragraphs 6-7, 13-16

By Vibhuti Sharma, Jayshree P Upadhyay and Aditya Kalra

MUMBAI, March 18 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms has hired 17 banks to manage its Mumbai stock listing, which will see the company raise no new funds and allow exits for some shareholders, four sources familiar with the matter said.

The IPO will be executed as a so-called "offer for sale" in India, three of the sources said, where only existing shareholders sell their shares to the public.

Reliance did not respond to Reuters queries.

"We don't need new money," said one of the sources, explaining the decision not to raise funds from the IPO.

Over the past six years, Jio has diversified into AI and raised funds from investors including KKR KKR.N, General Atlantic, Silver Lake and the Abu Dhabi Investment Authority.

The offer-for-sale route is increasingly becoming a lucrative exit route for global investors and how large IPOs are executed in India. Other recent IPOs via this route included the 2024 listing of Hyundai Motor HYUN.NS and LG Electronics India LGEL.NS in 2025.

In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion.

LONG LIST OF INVESTMENT BANKS

The hiring of banks brings the parent of India's largest telecom operator Reliance Jio, with over 500 million users, closer to being possibly the country's largest IPO worth more than $4 billion.

Jio's roster of 17 advisors includes Wall Street giants Citigroup C.N and JPMorgan JPM.N, and Indian investment banks Axis Capital, ICICI Securities, IIFL IIFL.NS, and Kotak Mahindra Capital, said two of the sources, who added that the plan is to file for regulatory approval this month.

Other banks on the list include the securities arms of Goldman Sachs GS.N, Morgan Stanley MS.N and Bank of America BAC.N, they added.

Goldman Sachs and Bank of America declined to comment. The other investment banks did not respond to requests for comment.

The news on hiring of banks and prospectus filing timeline for Jio's listing come as the Mideast conflict has cast a cloud over global capital market deals, with a handful getting pulled.

Strong IPO momentum in India, however, seems intact with the largest exchange operator, the National Stock Exchange of India, saying last week it had hired 20 banks to manage its IPO.

It's not unusual for a large number of banks to vie for a mandate and get hired for large equity public offerings of private enterprises, as they compete for league table credit in a market where deals exceeding a billion dollars are rare.

In the country's largest-ever IPO mandate, 18 investment banks were involved in the public offering of shares by asset manager ICICI Prudential AMC in 2025, which saw a share sale of $1.2 billion.

(Reporting by Vibhuti Sharma and Jayshree P Upadhyay in Mumbai and Aditya Kalra in Delhi; Editing by Sumeet Chatterjee, Joe Bavier and Bernadette Baum)

((Vibhuti.Sharma@thomsonreuters.com;))

March 12 (Reuters) - Central Bank of India Ltd CBI.NS:

• ENTERS CO-LENDING PARTNERSHIP WITH IIFL FINANCE

Source text: ID:nBSE9zNJrb

Further company coverage: CBI.NS

((Reuters.Briefs@thomsonreuters.com;;))

MUMBAI, March 9 (Reuters) - India's IIFL Finance IIFL.NS accepted bids worth 5 billion rupees ($54.20 million) for the sale of bonds maturing in one year and 15 days, three bankers said on Monday.

It will pay a coupon of 8.60% and had invited commitment bids for the issue earlier in the day, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on March 9:

*Size includes base plus greenshoe for some issues

($1 = 92.2460 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Ronojoy Mazumdar)

((Dharamraj.dhutia@tr.com, Khushi.malhotra@tr.com))

By Gopika Gopakumar and Dharamraj Dhutia

MUMBAI, March 2 (Reuters) - Indian gold loan financier IIFL Finance IIFL.NS plans to raise as much as $750 million through a combination of debut dollar-denominated social bonds and an overseas loan in March, two banking sources and a company source aware of the matter said on Monday.

"The break-up of the quantum has not been finalised yet, but the total fundraise could be anywhere between $500 million and $750 million," a banker familiar with the matter said.

"The tenor of the bond as well as the loan would be between three years and five years."

The sources requested anonymity as they are not authorised to speak to media, while the company did not immediately respond to a Reuters email seeking comment sent on Monday.

In January, Nirmal Jain, managing director at IIFL Finance, had said the company plans to raise approximately 40-50 billion rupees ($438-$547 million) through external commercial borrowings over the next six months, potentially through multiple bilateral transactions.

"Our broader strategy is to gradually diversify our funding mix, with foreign currency borrowings including ECBs or dollar bonds forming around 20% of total borrowings over time, while retaining flexibility based on market opportunities," Jain told Reuters.

A social bond is a debenture with ring-fenced proceeds, meaning the funds raised must be used solely to finance or refinance projects that deliver clear, measurable social outcomes.

The company has already received the certification for issuing social bonds and is in talks with foreign lenders globally to go ahead with its plan before the end of this financial year, the banker said.

One of the use-of-proceeds for funds raised through the social bond will be lending to women entrepreneurs, the banker added.

IIFL Finance provides gold loans, home loans, affordable housing loans and secured business loans, among others. Its AUM stood at 490.27 billion rupees as on December 31, sharply higher than 275.08 billion rupees at the end of March 2025.

As on December, gold loans constituted 89% of AUM, followed by unsecured loans at 8%.

The fundraises help IIFL Finance will diversify its sources of funding, improve resilience and help drive business growth, Jain added in conversation with Reuters in January.

Currently, the company is also in the process of raising 20 billion rupees through its biggest ever rupee public issue.

($1 = 91.4300 Indian rupees)

(Reporting by Gopika Gopakumar and Dharamraj Dhutia; Editing by Ronojoy Mazumdar)

((Dharamraj.Dhutia@thomsonreuters.com;))

Feb 24 (Reuters) - IIFL Finance Ltd IIFL.NS:

• APPROVED TERMS AND CONDITIONS OF ISSUANCE OF NON-CONVERTIBLE DEBENTURES

• ISSUE SIZE UP TO 10 BILLION RUPEES WITH GREEN SHOE OPTION

Source text: ID:nBSE9vtvds

Further company coverage: IIFL.NS

((Reuters.Briefs@thomsonreuters.com;;))

By Khushi Malhotra and Dharamraj Dhutia

MUMBAI, Feb 11 (Reuters) - India's IIFL Finance (IIFL.NS) is set to launch its largest-ever public bond issue of 20 billion rupees ($220.60 million), its second such offering this financial year, a company official and two sources familiar with the matter told Reuters on Wednesday.

The Fairfax-backed non-banking finance company will issue bonds maturing in two years, three years and five years, with annual, monthly, and end-of-term interest payment options, according to the sources.

The company will pay an annual coupon of 8.70% on two-year bonds and 8.85% on three-year papers. It will pay 9.00% for the five-year debt.

Nirmal Jain, managing director at IIFL Finance, confirmed the details of the public bond issue and said the company aims to diversify its funding sources and expects demand for public bonds to rise.

These bonds have been assigned a rating of AA by Crisil Ratings and AA+ by Brickwork Ratings.

IIFL Capital Services, Nuvama Wealth Management and Trust Investment Advisors are the lead managers for the issue, which is likely to open for subscription next week, one of the sources said.

"The proceeds from the fundraise will be utilised for onward lending, refinancing of existing borrowings and general corporate purposes," they said.

The sources requested anonymity as they are not authorised to speak to the media.

In April 2025, the company had raised 5 billion rupees through a similar issue.

Public bonds have been picking up in India, with Indian companies raising around 71 billion rupees through public issue of bonds in the first nine months of this fiscal year, according to the Securities and Exchange Board of India.

($1 = 90.6630 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Janane Venkatraman)

((khushi.malhotra@thomsonreuters.com, dharamraj.dhutia@thomsonreuters.com))

** Shares of IIFL Finance IIFL.NS falls as much as 18% to a near three-month low of 511.15 rupees, last down 14.9%

** Co gets order from Income Tax Department directing IIFL to get its accounts audited for a specified block period

** Co also gets two tax orders from Bihar and one order from Gujarat tax department imposing combined penalty of 132.7 million rupees ($1.45 million)

** Meanwhile, the non-bank finance co's Q3 consol net PAT jumps 10-fold to 4.64 billion rupees; total rev from ops rises 40% y/y

** More than 24 million shares exchange hands vs 1.47 million 30-day avg vol

** IIFL rose 47.6% in 2025

($1 = 91.6520 Indian rupees)

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))

BENGALURU, Oct 30 (Reuters) - India's IIFL Home Finance on Thursday appointed former PNB Housing PNBH.NS chief Girish Kousgi as managing director and chief executive officer.

(Reporting by Nishit Navin; Editing by Harikrishnan Nair)

((Nishit.Navin@thomsonreuters.com;))

MUMBAI, June 20 (Reuters) - India's IIFL Finance IIFL.NS plans to raise 6 billion rupees ($69.30 million), including a greenshoe option of 4.50 billion rupees, through the sale of bonds maturing in seven years and 10 years, three bankers said on Friday.

The company has invited bids from bankers and investors on Monday, they said.

IIFL Finance did not immediately respond to a Reuters request for comment.

Here is the list of deals reported so far on June 20:

*Size includes base plus greenshoe for some issues

($1 = 86.5860 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Eileen Soreng)

((Dharamraj.dhutia@tr.com))

June 16 (Reuters) - IIFL Finance Ltd IIFL.NS:

• B.P. KANUNGO JOINS BOARD OF IIFL FINANCE

Source text: ID:nnAZN3ZJJCP

Further company coverage: IIFL.NS

((Reuters.Briefs@thomsonreuters.com;;))

** Gold financiers Manappuram Finance MNFL.NS up 1.5%, Muthoot Finance MUTT.NS rises nearly 2.5% and IIFL Finance IIFL.NS gains 3.6%

** MUTT, MNFL extend record high levels, IIFL at highest level since Nov 6

** RBI on Friday relaxed norms for small-ticket loans

** Gold loan rules remove overhang of possible impact on loan growth on financiers as previously proposed draft had tighter norms - Jefferies

** Jefferies picks MUTT as top bet in gold lending space

** YTD - MNFL up 34%, MUTT gains 17.5% YTD, and IIFL rises 12% YTD

(Reporting by Sethuraman NR)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))

** Shares of Indian gold financiers jump

** Manappuram Finance MNFL.NS up ~3%, while Muthoot Finance MUTT.NS and IIFL Finance IIFL.NS jump ~7% and ~5%, respectively

** Reserve Bank of India will finalise regulations on gold loans by early next week, chief Sanjay Malhotra says

** Adds aims to increase loan-to-value ratio to 85% from 75% currently for loans below 250,000 rupees ($2,916)

** Loan-to-value ratio compares the loan amount to the asset's value

** The proposal of a higher LTV is a big positive and will boost credit growth for gold lenders, especially Muthoot and Manappuram, says Elara Securities analyst Shweta Daptardar

** No credit appraisals required for loans up to 250,000 rupees also positive for these lenders with minimal disruption to existing operational systems, Daptardar adds

** On an avg, MUTT is rated "buy", MNFL "hold" and IIFL "strong buy" - data compiled by LSEG

** YTD MUTT up 14%, MNFL up 28% and IIFL 8% higher

($1 = 85.7180 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))

** Indian gold loan financiers up between 2% to 8%

** Federal finance ministry seeks relaxation in the new rules on gold loans proposed by the central bank

** Muthoot Finance MUTT.NS up 7.59%, Manappuram Finance MNFL.NS up 3.1% and IIFL Finance up IIFL.NS up 2.16%

** Central bank, in April, proposed tighter rules for monitoring and disbursement of gold loans, often used by low income borrowers

** Finance Ministry proposes small ticket borrowers below 200,000 rupees ($2344.05) should be excluded from the tighter rules to ensure speedy disbursements

** Final rules by central bank yet to be issued as it seeks comments

** MUTT said in mid-May that the proposed central bank regulations could drive borrowers away from formal lenders to unregulated players

(Reporting by Ananta Agarwal in Bengaluru)

((Ananta.Agarwal@thomsonreuters.com))

May 2 (Reuters) - IIFL Finance Ltd IIFL.NS:

• IIFL FINANCE LTD - TO CONSIDER ISSUANCE OF NON-CONVERTIBLE SECURITIES IN FY 2025-26

Source text: ID:nBSE8nxQZc

Further company coverage: IIFL.NS

((reuters.briefs@thomsonreuters.com;))

** Gold loan providers Muthoot Finance MUTT.NS and IIFL Finance IIFL.NS extend losses from Wednesday, losing 6% and 1.2% respectively; markets shut on Thursday

** Manappuram Finance MNFL.NS inches up 0.2%

** India's central bank proposed stricter rules for gold loan providers on Wednesday, including cap of 75% on loan-to-value ratio, standardised procedure to assess gold purity, rules on collateral management

** Kotak Institutional Equities downgrades MUTT to 'ADD' from 'BUY', moderating growth and margin assumptions

** Says it expects overhang of regulatory changes to temper stock performance

** Macquarie says LTV rules could reduce effective LTV of product given buffers needed for gold price fluctuations, interest payments, while new rules on collateral management could hit potential demand

** Muthoot Finance fell 6.7%, IIFL Finance lose 2.5%, Manappuram Finance declined 1.8% on Wednesday after RBI proposal

** Broader market .NSEI climbs 1.6% on Friday on U.S. tariff reprieve .BO

(Reporting by Chris Thomas in Bengaluru)

((chris.thomas@thomsonreuters.com))

April 10 (Reuters) - IIFL Finance Ltd IIFL.NS:

• IIFL FINANCE - CO'S NCD ISSUE OVERSUBSCRIBED 4.75 TIMES, PLANS EARLY CLOSURE

• IIFL FINANCE - CO'S NCD ISSUE TO CLOSE ON APRIL 11 DUE TO OVERSUBCRIPTION

Further company coverage: IIFL.NS

((reuters.briefs@thomsonreuters.com;))

** Shares of Muthoot Finance MUTT.NS tank 10%, IIFL Finance IIFL.NS slide 7% and Manappuram Finance MNFL.NS dip 3%
** In its monetary policy review on Wednesday, India's central bank said it will to issue comprehensive regulations on prudential norms and conduct-related aspects for gold loan providers
** Reuters reported last month that the Reserve Bank of India plans to ask lenders to follow stricter underwriting processes for gold loans

** This is MUTT's worst one-day pct drop since August 2022, IIFL's worst pct fall since March 2024

** MUTT down 3.2% YTD, IIFL down 24.4% YTD.

** YTD, MNFL up 18%

(Reporting by Sethuraman NR in Bengaluru)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))

** Indian equities set for inflows of up to $1.4 billion on Friday as FTSE March semi-annual rebalancing to come into effect, per analysts

** ICICI Bank ICBK.NS will be the biggest beneficiary, to see inflows worth $426.9 million from weight increases by FTSE, MSCI and BSE, says IIFL

** Large inflows in ICBK due to merger between bank and ICICI Securities ICCI.NS, whose shares will trade for the last time on Friday

** ICCI shareholders to get 67 ICBK shares per 100 shares of ICCI

** Kotak Mahindra Bank KTKM.NS to see $146 million inflows as FTSE increases weight, says Nuvama

** FTSE adds 360 ONE WAM ONEW.NS, Bajaj Housing Finance BAJO.NS, BSE BSEL.NS and other stocks to FTSE All World Index

** Stocks that might see inflows due to FTSE rebalancing include Zomato ZOMT.NS, ITC Hotels ITCT.NS, Gland Pharma GLAD.NS and BAJO

(Reporting by Vivek Kumar M)

((VivekKumar.M@thomsonreuters.com;))

MUMBAI, March 19 (Reuters) - India's IIFL Finance IIFL.NS plans to raise 6 billion rupees ($69 million), which includes a greenshoe option of 2 billion rupees, selling bonds maturing in 13 months, three bankers said on Wednesday.

The company has invited bids from bankers and investors later in the day, they said.

The company did not immediately respond to a Reuters request for comment.

Here is the list of deals reported so far on March 19:

*Size includes base plus greenshoe for some issues

($1 = 86.6260 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

((Dharamraj.dhutia@tr.com))

March 10 (Reuters) - IIFL Finance Ltd IIFL.NS:

• IIFL FINANCE LTD - TO HOLD MEETING ON MARCH 13 TO APPROVE NCD ISSUANCE TERMS

Source text: ID:nBSE1YwhLd

Further company coverage: IIFL.NS

((Reuters.Briefs@thomsonreuters.com;;))

March 4 (Reuters) - IIFL Finance Ltd IIFL.NS:

• IIFL FINANCE LTD - APPROVES TERMS FOR $1 BILLION GLOBAL MEDIUM TERM NOTES

• IIFL FINANCE LTD - NOTES TO BE ISSUED WITH SIZE OF $100 MILLION

Source text: ID:nNSE4DbS5K

Further company coverage: IIFL.NS

((Reuters.Briefs@thomsonreuters.com;))

Feb 24 (Reuters) - IIFL Finance Ltd IIFL.NS:

• TO HOLD MEETING ON FEB 28 TO APPROVE NCD ISSUANCE TERMS

Source text: ID:nBSE225xGF

Further company coverage: IIFL.NS

((Reuters.Briefs@thomsonreuters.com;))

Adds RBI lifting restrictions on Kotak Mahindra Bank

Jan 9 (Reuters) - The Reserve Bank of India has started to ease curbs on non-banking financial companies (NBFCs) and banks after they improved their compliance following a series of supervisory restrictions.

High interest rates and tighter regulations have been cited as contributors to weak demand and a slowdown in India's economic growth, including by the federal finance ministry in a recent report.

The Indian central bank also got a new chief in December with Sanjay Malhotra taking over from Shaktikanta Das.

The following is a list of companies whose restrictions have been removed by the RBI.

KOTAK MAHINDRA BANK

The Reserve Bank of India on Wednesday lifted restrictions on Kotak Mahindra Bank KTKM.NS that had barred the lender from taking on new customers via its online and mobile banking channels, and from issuing new credit cards.

RBI had imposed business restrictions on the lender , asking it to stop adding clients through its online and mobile banking channels and issuing credit cards due to gaps in its IT infrastructure.

ASIRVAD MICRO FINANCE, DMI FINANCE, AROHAN FINANCIAL SERVICES, NAVI FINSERV

The RBI, last month, removed restrictions imposed on DMI Finance and Manappuram Finance-owned MNFL.NS Asirvad Micro Finance with immediate effect.

The regulator had in October barred the two companies, along with Arohan Financial Services and Navi Finserv, from sanctioning and disbursing loans due to "usurious" pricing and charging a significant mark-up over their funding costs.

The same restrictions on Arohan were lifted last week, and from Navi in December.

EDELWEISS ASSET RECONSTRUCTION, ECL FINANCE

The central bank last month lifted restrictions on Edelweiss Asset Reconstruction and ECL Finance, first imposed in May 2024, which barred them from acquiring financial assets or undertaking structured transactions.

The regulator was satisfied with the measures taken to address what it had called "evergreening" of distressed loans.

JM FINANCIAL

A unit of financial services firm JM Financial JMSH.NS in October resumed financing activities related to shares and debentures, including loans for IPO subscriptions after the central bank ended restrictive measures.

The RBI in March barred JM Financial Products from issuing such loans, due to regulatory violations and governance concerns.

IIFL FINANCE

In September, the RBI permitted IIFL Finance to resume issuance of gold loans.

The central bank had barred it from offering gold loans in March, citing concerns about its assessment of gold collateral and violations of the maximum permitted loan-to-value ratio, among other issues.

BAJAJ FINANCE

The RBI in May reversed curbs imposed on India's largest NBFC, Bajaj Finance, allowing it to restart loan disbursals under two of its lending products.

The restrictions were levied in November 2023 due to non-adherence with the central bank's digital lending guidelines.

(Reporting by Nandan Mandayam and Kashish Tandon in Bengaluru; Editing by Varun H K)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

** IIFL Finance IIFL.NS rises 3.3%; wealth management firms 360 One Wam ONEW.NS and 5paisa Capital PAIS.NS gain 4.7% and 3.4%, respectively

** Income tax authorities have concluded searches at their premises, IIFL Finance, 360 One Wam and 5paisa Capital say

** IIFL rated "strong buy", ONEW rated "buy" on avg; PAIS not rated - LSEG

** YTD, ONEW's ~18% loss steepest among three; IIFL and PAIS down ~12% and ~15%, respectively

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))

Feb 4 (Reuters) - IIFL Finance Ltd IIFL.NS:

• CONCLUSION OF SEARCH BY INCOME TAX DEPARTMENT

Source text: [ID:]

Further company coverage: IIFL.NS

((Reuters.Briefs@thomsonreuters.com;;))

Jan 29 (Reuters) - IIFL Finance Ltd IIFL.NS:

• IIFL FINANCE - INCOME TAX DEPARTMENT IS CONDUCTING A SEARCH AT CO'S OFFICES

• IIFL FINANCE -FINANCIAL IMPACT CANNOT BE ASCERTAINED AT THIS POINT

Source text: ID:nBSE9lzsl0

Further company coverage: IIFL.NS

((reuters.briefs@thomsonreuters.com;))

NEW DELHI/MUMBAI, Jan 28 (Reuters) - India's income tax authorities are undertaking search operations at three IIFL group companies, IIFL Finance IIFL.NS, 360 One Wam ONEW.NS and IIFL Securities, two sources familiar with the development said on Tuesday.

It was not immediately clear what information was being sought by the tax officials as employees present in offices of the companies were not allowed to use phones, one of the sources said.

Shares of 360 One, down 7.6%, fell the most among IIFL group stocks, while IIFL Finance shares were down 3.5% and IIFL Capital Services IIFS.NS lost about 2.1% in mid-day trade.

IIFL group, the companies and the income tax department did not immediately respond to Reuters' request seeking comments.

(Reporting by Siddhi Nayak in Mumbai and Nikunj Ohri in New Delhi; Editing by Mrigank Dhaniwala)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))

MUMBAI, Jan 17 (Reuters) - India's IIFL Finance IIFL.NS has accepted bids worth $325 million for its planned issuance of U.S. dollar-denominated bonds maturing in three years and six months, the company said on Friday.

The non-banking finance company will offer a semi-annual coupon of 8.75% on the issue, lower than the initial guidance of around 9.00%.

The net proceeds will be used for on-lending and to support the growth of the company's businesses, it said.

Last September, Reuters reported that IIFL Finance could test the dollar bond market to raise funds by March 2025.

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

((Dharamraj.dhutia@tr.com))

By Dharamraj Dhutia

MUMBAI, Jan 10 (Reuters) - Two Indian non-banking finance companies (NBFC) could raise about $900 million through the U.S. dollar bond market by the end of next week, merchant bankers aware of the developments said on Friday.

Tata Capital may raise around $500 million through its debut bond offering, while IIFL Finance IIFL.NS is likely to raise $400 million in its first dollar bond sale in four years, the two bankers said.

Tata Capital is looking to raise funds through the sale of bonds maturing in three years and six months, while IIFL Finance will opt for a three-year issue, the bankers said, requesting anonymity as they are not authorised to speak to the media.

Both the companies are in various stages of investor roadshows, and the pricing is expected to be finalised early next week, they added.

IIFL Finance could also take some part of the funding through a dollar loan, one of the bankers said.

The firms did not respond to a Reuters email seeking comment.

Last September, Reuters reported that IIFL Finance could test the dollar bond market to raise funds by March 2025.

In February, Tata Capital was said to be exploring overseas fundraising for the first time in the financial year that starts in April this year, according to a Reuters report.

The developments come after the Export Import Bank of India (EXIM), earlier this week, raised $1 billion through the sale of 10-year dollar bonds, opening the gates for other issuers to follow suit.

The aggressive pricing for EXIM's dollar debt could mean yet another robust year for such papers, investors said.

Indian firms raised around $12.05 billion via dollar bonds last year, more than double the $5.70 billion raised in 2023, according to Cbonds, a financial data aggregator.

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

((Dharamraj.Dhutia@thomsonreuters.com;))