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India's IIFL Finance to raise $242 mln via rights basis and non-convertible debentures

Reuters

BENGALURU, March 13 (Reuters) - IIFL Finance said on Wednesday it would raise funds up to 20 billion rupees ($241.5 million) as the non-bank lender looks to shore up capital after India's central bank barred it from offering gold loans.

The company will raise the funds through the issue of shares on rights basis and non-convertible debentures via a private placement, it said in an exchange filing. ($1 = 82.8275 Indian rupees) (Reporting by Nishit Navin and Navamya Ganesh Acharya in Bengaluru)