IIFL Holdings advances 3% as arm sells stake for Rs 746 crore

NEW DELHI: Shares of IIFL Holdings climbed 3 per cent in Wednesday's trade after the company's wealth management arm raised Rs 745.71 crore by selling 5.1 per cent stake to a clutch of investors.

The stock rose 3.56 per cent to hit a high of Rs 724 on BSE.

IIFL Wealth Management issued 44.90 lakh shares to WF Asian Reconnaissance Fund, Rimco (Mauritius) Limited, Amansa Holdings, General Atlantic Singapore Fund, Steadview and HDFC Standard Life Insurance. The deal values the wealth management firm, one of the largest in the country, at Rs 14,621 crore.


After the transaction, IIFL Holdings will own 51.11 per cent of the arm.

“Our wealth business continues to benefit from the underlying positive trends in the financial services sector which has enabled us to increase our asset base by over 30per cent last year,” says Nirmal Jain, chairman IIFL Hold