Open market transaction: General Atlantic sells 3.5% stake in IIFL Wealth Management for Rs 564 crore

General Atlantic on Tuesday divested 3.5 per cent stake in asset management firm IIFL Wealth Management for Rs 564 crore through an open market transaction.

According to the bulk deal data available with the National Stock Exchange (NSE), General Atlantic Singapore Fund Pte offloaded 31,15,981 shares, amounting to 3.5 per cent stake in the company.

The entity is managed and controlled by US-based private equity firm General Atlantic.

The shares were sold at an average price of Rs 1,810.09 apiece, taking the transaction value to Rs 564 crore.

Post the latest transaction, General Atlantic's shareholding in the company will reduce to 17.46 per cent from 20.96 per cent.

On Tuesday, Capital Income Builder acquired 30.43 lakh scrips of the company.

Shares of IIFL Wealth Management closed 2.94 per cent higher at Rs 1,827 per scrip on NSE.

IIFL Wealth Management is a subsidiary of IIFL Holdings.