IIFL Finance hit an upper circuit of 10% at Rs 82.20 after promoter Nirmal Jain bought an additional 0.12% stake in the NBFC on Wednesday.
Promoter Nirmal Bhanwarlal Jain acquired 4,54,000 shares, or 0.12% equity, in IIFL Finance through open market on Wednesday (24 June). Jain's stake in the NBFC increased to 12.61% from 12.49% earlier. Total promoter holding in the NBFC increased to 25.06% from 24.94% earlier.According to Sebi rules, an open offer is triggered if the promoter's stake crosses 25%.
However, IIFL Finance issued a clarification on Thursday (25 June) that the promoter group's voting rights in the company has not exceeded 25% and promoter group has no intent to acquire more than 25% voting rights in the company or make any public offer.
IIFL Group shares were in demand. IIFL Securities was locked in an upper circuit of 20% at Rs 45.65. IIFL Wealth Management surged 10.78% to Rs 1110.15.
Meanwhile, the S&P BSE Sensex was up 107.34 points or 0.31% to 34,976.32.
IIFL Finance is engaged in the business of loans and mortgages along with its subsidiaries - IIFL Home Finance and Samasta Microfinance. Its product offerings include home loans, gold loans, business loans including loans against property and medium and small enterprise financing, micro finance, developer and construction finance and capital market finance; catering to both retail and corporate clients.
The NBFC's consolidated net profit rose 32.25% to Rs 153.36 crore on 8.3% decline in total income to Rs 1159.50 crore in Q3 December 2019 over Q3 December 2018.
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