Global private equity firm General Atlantic Singapore Fund will acquire 21.61 per cent shareholding in IIFL Wealth Management, the wealth management subsidiary of IIFL Holdings, for an estimated Rs 1,122.34 crore.
“General Atlantic’s investment will help to support the company’s continued growth and platform expansion as the premier wealth management company in India,” IIFL said.
IIFL board has approved the proposed issue and allotment of 17 lakh equity shares of its wealth management arm at a price of Rs 586.70 each for total consideration of Rs 100 crore to General Atlantic. IIFL Holdings would also allot 1.36 crore warrants of IIFL Wealth for an estimated Rs 863 crore to the private equity firm.
Published 25 October 2015, 15:48 IST