IIFL Holdings falls 3% on Wealth Advisors India acquisition

Shares of IIFL Holdings slipped over 3 per cent on Wednesday after the company on Tuesday said its subsidiary IIFL Wealth Management acquired Wealth Advisors India, a Chennai based wealth management firm for a total consideration of Rs 235 crore.

Under the deal, Wealth Advisors will become a wholly owned subsidiary of IIFLW and its employees will become part of IIFL Wealth, entitled to agreed employment benefits.

At 11 hours on Wednesday, the stock traded Rs 15 lower at Rs 444.


Also, IIFL Home Finance raised Rs 1,000 crore from the National Housing Bank (NHB) and another $50 million from SBI through External Commercial Borrowing (ECB) route on Tuesday.