IIFL Holdings said Tuesday its arm IIFL Wealth Management will acquire Wealth Advisors India Private Limited (WAI) for Rs 235 crore.
In a stock exchange filing, the company said a share purchase agreement with WAI and its shareholders was entered on Tuesday "to acquire 100 per cent of the paid share capital of WAI, at a consideration of INR 235,00,00,000 (plus cash and cash equivalents of INR 18,58,74,000/- to be adjusted as on the closing date)."
Upon execution, WAI will become a wholly-owned subsidiary of IIFL Wealth Management Limited (IIFLW).
Employees of WAI will become part of IIFLW, entitled to agreed employment benefits, the filing said.
"WAl's acquisition will bring on board its highly qualified management team, provide an immediate boost to the client-range of IIFLW and further its expansion into portfolio management and investment advisory business in southern India," IIFL said.
WAI is a Chennai-based wealth management company primarily providing portfolio management, investment advisory and sub-broking (equity segment) services to a wide-ranging client base for more than a decade.