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IIFL wealth sells 5.1%, raises Rs 746 crore

IIFL Holdings' wealth management arm has raised Rs 745.71 crore by selling 5.1 per cent stake to a clutch of investors. 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 its wealth management arm on a fully diluted basis. Karan Bhagat and Yatin Shah are the other promoters of IIFL Wealth.

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

General Atlantic Singapore Fund picked up 21.61 per cent stake in IIFL Wealth for Rs 1,122 crore. The firm, founded in 2008, was valued at roughly Rs 5,200 crore.

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Economic Times