CCI approves General Atlantic acquisition of 21.61% stake in IIFL Wealth

NEW DELHI: The Competition Commission of India (CCI) has approved Global private equity firm General Atlantic Singapore Fund acquisition of 21.6% shareholding in IIFL Wealth Management.

The deal is estimated to be around Rs. 1,122.34 crore. "CCI approves acquisition of upto 21.61% of share capital of India Infoline Wealth Management Ltd by General Atlantic Singapore," the competition regulator said in a statement.

IIFL Wealth was founded in 2008 by IIFL Holdings Ltd with Karan Bhagat, Yatin Shah and Amit Shah. IIFL Wealth has about $12 billion worth of assets for over 8,600 clients through its over 150 relationship managers.