360 One Prime Initiates ₹1,000 Crore Public Issue of NCDs

360 One Prime Initiates ₹1,000 Crore Public Issue of NCDs

VoM News Desk | January 8, 2024 | 10:51 PM IST | Breaking News | Follow on Google News

360 One Prime Initiates ₹1,000 Crore Public Issue of NCDs/PTI

360 One Prime Initiates ₹1,000 Crore Public Issue of NCDs

360 One Prime, previously known as IIFL Wealth Prime, unveiled plans to raise up to ₹1,000 crore through its maiden public issue of secured, rated, listed, redeemable Non-Convertible Debentures (NCDs) on January 8.

The initial segment of the issue, scheduled for subscription from January 11, will be listed on the BSE. The base issue size amounts to ₹200 crore, with an option to retain oversubscription up to ₹800 crore. The NCDs, issued at face value of ₹1,000 each, aim to aggregate up to ₹1,000 crore. The public issue is set to open on January 11 and close on January 24, 2024, with the possibility of early closure or extension in line with regulatory norms set by the Securities and Exchange Board of India.

Karan Bhagat, Founder, MD & CEO of 360 ONE, highlighted, “Our loan approval and administration procedures… are designed to minimize delinquencies and maximize recoveries. Our processes have been standardized to ensure high service quality while maintaining efficiency.”

360 One Prime is associated with the 360 ONE Group, ensuring optimal financial solutions for clients. Himanshu Jain, CEO and Whole-time Director, emphasized the firm’s adoption of best practices within the group, enhancing risk underwriting abilities and reflecting healthy asset quality.

The company’s tech-integrated platform supports operations and decision-making throughout the loan lifecycle. Additionally, the company holds credit ratings from CRISIL, CARE, and ICRA, which facilitate competitive borrowing rates from diverse sources.

As of March 2023, the firm’s assets under management totaled ₹4,927 crore, yielding a net profit of ₹234.52 crore from a total revenue of ₹673.66 crore.

VoM News Desk

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