IIFL Wealth Management (IIFL-WM), an arm of IIFL Holdings, on Wednesday approved the issue of 5.1 per cent equity to marquee financial investors for Rs745.71 crore. The proposed transaction will provide IIFL-WM with additional capital for its business operations and general corporate purposes as well as for growth and expansion of the business.
The company has allotted of 44,89,500 equity shares of IIFL-WM at Rs1,661 an equity share to six investors - WF Asian Reconnaissance Fund (a fund managed by Ward Ferry), Rimco Mauritius, Amansa Holdings Pvt Ltd, General Atlantic Singapore Pte Ltd, Steadview and HDFC Standard Life Insurance.
The issue is subject to regulatory approvals. Upon completion of the transaction, IIFL Holdings will own 51.11 per cent of IIFL-WM on a fully diluted basis.