IBL looking for Rs3Billion to pay debt

IBL Ltd has approved an issue of notes of up to Rs3Billion under a private placement to eligible investors.

In a communique, IBL (which has 30% stakes in Afrasia Bank) said the amount raised will be used for the refinancing of the company’s existing short-term debts (Rs2.5Billion) but also for what it described as “strategic purposes” (Rs500M).

The Notes Issue shall neither be rated nor be listed. 

IBL is the largest Mauritian Group by market capitalisation (outside the banking sector).