IIFL Finance shares jump 8% in falling market after subsidiary enters into deal to raise Rs 2200 crore —Details
Shares of IIFL Finance Limited jumped over eight percent in Friday's intraday trade after the company said that its subsidiary company has entered into an agreement to raise Rs 2200 crore.
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Shares of IIFL Finance Limited jumped over eight percent in Friday's intraday trade after the company said that its subsidiary company has entered into an agreement to raise Rs 2200 crore. The spike in share price of IIFL Finance comes after its wholly owned subsidiary IIFL Home Finance signed definitive agreements with a wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA). The deal completion is subject to regulatory approvals
"IIFL Home Finance Limited, one of India’s largest affordable housing finance companies with assets under management of Rs 23,617 Cr as of March 31, 2022, has entered into definitive agreements for raising Rs 2,200 Cr of primary capital for a 20% stake from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA)," IIFL Finance Limited said in a regulatory filing.
Established in 2006 as a wholly owned subsidiary of IIFL Finance, IIFL Home Finance has created assets under management of ₹23,617 Cr as of March 31, 2022, with an active customer base of 168,000 across 16 states and 2 union territories with over 200 branches backed by over 3,200 employees. The company
As per the leading NBFC company, this would be one of the largest equity investments in the affordable housing finance segment in India by a financial investor.
“We are delighted to partner with ADIA who bring to the table long term commitment and rich experience of supporting growing businesses. The investment recognizes IIFL Home Finance’s position as one of India’s largest providers of affordable housing loans and how well it is placed to continue to target the large, resilient housing finance market,” said Nirmal Jain, Founder, IIFL Group.
Meanwhile, around 12pm, shares of IIFL Finance were trading with gains of nearly eight per cent or higher by Rs 26.50 to 355.50 per share on the BSE.
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