Held on 19 June 2018
The Board of IIFL Holdings and its wealth management subsidiary namely IIFL Wealth Management at their meeting approved issue and allotment of 44,89,500 equity shares of IIFW at a price of Rs 1661 per equity share for a total consideration of Rs 745.71 crore to financial investors.Upon the consummation of the transaction, IIFL Holdings will own 51.11% of IIFLW on a fully diluted basis i.e. assuming maximum possible dilution due to vesting of all outstanding stock options.
The proposed transaction will provide IIFLW with additional capital for its business operations and general corporate purposes as well as for the growth and expansion of the business.
The proposed issue of equity shares by IIFLW would not affect the terms of Composite Scheme of Arrangement, announced on 31 January 2018, the draft of which is under regulatory approvals.
In addition to IIFL Holdings, Karan Bhagat and Yatin Shah have been classified as the promoters of IIFLW.
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