India Infoline Finance Ltd, which has witnessed a robust growth in healthcare financing at Rs 151.56 crore in FY12 will be focusing on this niche area in the ongoing fiscal.
Company’s healthcare financing in FY 11 stood at Rs 13.9 crore.
“Our healthcare financing has witnessed a growth at Rs 151.56 crore in FY 12 as compared to Rs 13.9 crore in FY11.
We are going to focus on this niche area in FY13,” IIFL Group Chairman Nirmal Jain told PTI here.
The $ 50 billion healthcare industry has emerged as the second largest service-sector employer in the country providing jobs to 4.5 million people directly or indirectly, he said, adding the IIFL provides healthcare finance up to Rs 250 crore.
The company plans to allocate sizable amount of money from the forthcoming NCD issue of Rs 500 crore for healthcare financing which is growing phenomenally. The funds raised will be used to grow our business, Jain said.
IIFL proposes to make an offer of Rs 250 crore of unsecured redeemable debentures with a green-shoe option to retain additional Rs 250 crore. The 6-year bonds will carry an interest of Rs 12.75 percent per annum.
IIFL’s healthcare financing includes, finance of new medical equipment, existing lien-free equipment, finance of ancillary & refurbished equipment and receivables & brown field projects.
IIFL provides healthcare finance to clinics, diagnostics/pathology centres, nursing homes, hospitals, medical/dental colleges against security of equipment, personal guarantee, and mortgage of property.
“The maximum tenure for healthcare financing as per our internal policy is 84 months while the average tenure is 61 months,” Jain added.