IIFL Finance to Raise Rs 6,414 Crore Led by Blackstone
Blackstone Private Equity funds lead the preferential issue with Rs 5,000 crore, joined by IIFL Finance's promoters and Anchorage Capital.
Key Takeaways
- IIFL Finance's board approved a preferential issue of about Rs 6,414 crore on 10 November 2026.
- Blackstone funds will invest Rs 5,000 crore via preference shares that convert at Rs 602 per share.
- Blackstone is expected to hold about 16% on a fully diluted basis after conversion.
- Promoters will invest Rs 1,264 crore through warrants and Anchorage Capital Rs 150 crore.
- The issue needs shareholder and regulatory approvals, with a shareholder meeting on 4 December 2026.
Table of Contents 9 sections
- IIFL Finance funding at a glance
- How the Blackstone money and promoter warrants are structured
- What IIFL Finance does
- IIFL Finance's journey so far
- Nirmal Jain on welcoming Blackstone as a partner
- What IIFL Finance says it will do with the capital
- Where IIFL Finance stands after the Blackstone deal
- More funding news
- FAQs
IIFL Finance's board on 10 November 2026 approved a preferential issue of about Rs 6,414 crore, led by Rs 5,000 crore from Blackstone Private Equity funds. The non-bank lender said the entire amount will come in as primary capital, so the money goes to the company itself.
Blackstone will invest through Ingot SG Pte, a Singapore investment vehicle, by subscribing to compulsorily convertible preference shares that convert into equity at Rs 602 per share within 18 months of allotment. After conversion, it is expected to hold about 16% of IIFL Finance on a fully diluted basis. Promoters Nirmal Jain and R Venkataraman will put in Rs 1,264 crore through warrants, and Anchorage Capital will invest Rs 150 crore. The issue still needs shareholder and regulatory approvals.
IIFL Finance funding at a glance
| Detail | IIFL Finance |
|---|---|
| Total issue | About Rs 6,414 crore |
| Type | Preferential issue of compulsorily convertible preference shares and warrants |
| Lead investor | Blackstone Private Equity funds, via Ingot SG Pte (Rs 5,000 crore) |
| Conversion price | Rs 602 per share |
| Blackstone stake | About 16% on a fully diluted basis, after conversion |
| Promoters | Nirmal Jain and R Venkataraman, Rs 1,264 crore through warrants |
| Other investor | Anchorage Capital, Rs 150 crore |
| Sector | Non-bank lending (NBFC) |
| Approvals | Shareholder and regulatory approvals pending |
How the Blackstone money and promoter warrants are structured
The promoters pay 25% of the warrant amount upfront and the rest when they use the warrants to get shares. Taken together, Rs 5,000 crore from Blackstone, Rs 1,264 crore from the promoters and Rs 150 crore from Anchorage Capital add up to Rs 6,414 crore.
IIFL Finance has called an extraordinary general meeting on 4 December 2026 for shareholders to vote on the issue.
What IIFL Finance does
IIFL Finance is a non-bank lender that gives gold loans, business loans, home loans and microfinance loans to people and small businesses across India.
Its assets under management crossed about Rs 1.24 lakh crore at the end of the September 2026 quarter, up 38% from a year earlier.
IIFL Finance's journey so far
| When | Milestone |
|---|---|
| By June 2026 | Board cleared an enabling proposal to raise up to Rs 10,000 crore through equity or other securities |
| September 2026 quarter | Assets under management reached about Rs 1.24 lakh crore, up 38% from a year earlier |
| 10 November 2026 | Board approved the about Rs 6,414 crore preferential issue led by Blackstone |
| 4 December 2026 | Extraordinary general meeting scheduled for the shareholder vote |
Nirmal Jain on welcoming Blackstone as a partner
"We are delighted to welcome Blackstone as a partner in IIFL Finance. Their investment is a strong endorsement of the franchise our team has built, and of the opportunity to bring formal, secured credit to millions of underserved households and small businesses across India."
"The investment strengthens our balance sheet and gives us the headroom to scale our franchises, invest further in technology, and deepen our co-lending partnerships with banks, while staying disciplined on risk and capital."
What IIFL Finance says it will do with the capital
IIFL Finance said the new capital will support growth across its secured lending businesses, particularly gold finance. The company said the issue is expected to lift its capital adequacy ratio from about 17% to about 30%, on a pro forma basis as of September 2026. Nirmal Jain said the money will also help the company invest further in technology and deepen its co-lending partnerships with banks.
Where IIFL Finance stands after the Blackstone deal
IIFL Finance's board has approved an issue of about Rs 6,414 crore, with Rs 5,000 crore from Blackstone, Rs 1,264 crore from its promoters and Rs 150 crore from Anchorage Capital. The lender managed about Rs 1.24 lakh crore of assets at the end of September 2026. Shareholders are set to vote on the issue at an extraordinary general meeting on 4 December 2026.
More funding news
Frequently Asked Questions
How much is IIFL Finance raising?
Who is leading IIFL Finance's fundraise?
How much is Blackstone investing in IIFL Finance?
How much of IIFL Finance will Blackstone own?
At what price will Blackstone's shares in IIFL Finance convert?
How much are IIFL Finance's promoters investing?
Who else is investing in IIFL Finance?
How will IIFL Finance use the funding?
How will the deal change IIFL Finance's capital adequacy ratio?
What does IIFL Finance do?
Who founded IIFL Finance?
When will IIFL Finance shareholders vote on the issue?
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