IIFL Finance on Wednesday said it has raised Rs 1,271 crore through a rights issue as part of efforts to raise capital to fund business growth. The decision to raise capital through a rights issue was made following the RBI's ban on March 4, which prohibited the NBFC firm from disbursing gold loans due to supervisory concerns. The rights issue opened on April 30, 2024, and closed today, IIFL Finance said in a regulatory filing. The rights issue offering 4,23,94,270 shares of IIFL Finance has been oversubscribed by 135 per cent (5,72,03,080 shares), as per data available on exchanges. The rights issue was offered to the existing shareholders at Rs 300 per share in the ratio of one share for every nine shares held. Promoters Nirmal Jain and R Venkataraman and family have fully subscribed to their shares since the issue is oversubscribed. Besides, Indian-Canadian billionaire Prem Watsa-backed Fairfax India, which is the largest institutional shareholder has also participated in the