IIFL Wealth stock surges 8% as Bain Capital buys stake
IIFL Wealth Management stock touched an intraday high of Rs 1,796.6, gaining 7.81% on BSE. Market cap of the firm rose to Rs 15,119 crore.
- Mar 31, 2022,
- Updated Mar 31, 2022 12:55 PM IST
Shares of IIFL Wealth Management zoomed nearly 8 per cent in early trade today after global investment firm Bain Capital agreed to acquire a 24.98 per cent equity stake in the wealth and asset management firm. General Atlantic Singapore Fund Pte and FIH Mauritius Investments Ltd, a wholly owned subsidiary of Fairfax Holdings Corporation are the sellers in the transaction.
IIFL Wealth Management stock touched an intraday high of Rs 1,796.6, gaining 7.81 per cent on BSE.
The midcap stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Total 6644 lakh shares of the firm changed hands amounting to a turnover of Rs 1.15 crore on BSE.
Market cap of the firm rose to Rs 15,119 crore on BSE today. The stock has gained 37.44% in one year and risen 19.7% since the beginning of this year.
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In a month, the stock has gained 16.43 per cent.
Bain Capital proposed to buy 22,155,000 equity shares of IIFL Wealth, with a face value of Rs 2, and constituting 24.98 per cent stake in the company at Rs 1,661 per share, which aggregates to a total consideration of Rs 3,6,79 crore.
The Letter of Agreement, inter alia, provides Bain Capital the right to nominate directors for the board of directors of IIFL Wealth, subject to specified shareholding thresholds, with effect from consummation of transactions under the agreement.
The transaction will be subject to regulatory and other customary approvals.
Karan Bhagat, Managing Director and Chief Executive Officer, IIFLWAM, said, "Since our inception 13 years ago, we continue to service our clients with unflinching commitment to innovation, consistency, transparency as well as to provide a trusted platform for all their Wealth and Asset Management needs. Bain Capital's investment is a testament to our strong leadership franchise in the financial services space, and in our team's ability to continue to execute and grow the business to scale."
JP Morgan acted as the exclusive sell-side financial advisor on the transaction, while Axis Capital and NovaDhruva acted as financial advisors to Bain Capital.
Shares of IIFL Wealth Management zoomed nearly 8 per cent in early trade today after global investment firm Bain Capital agreed to acquire a 24.98 per cent equity stake in the wealth and asset management firm. General Atlantic Singapore Fund Pte and FIH Mauritius Investments Ltd, a wholly owned subsidiary of Fairfax Holdings Corporation are the sellers in the transaction.
IIFL Wealth Management stock touched an intraday high of Rs 1,796.6, gaining 7.81 per cent on BSE.
The midcap stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Total 6644 lakh shares of the firm changed hands amounting to a turnover of Rs 1.15 crore on BSE.
Market cap of the firm rose to Rs 15,119 crore on BSE today. The stock has gained 37.44% in one year and risen 19.7% since the beginning of this year.
Share Market LIVE: Sensex, Nifty trading flat; M&M, Bajaj Finance, HUL top gainers
In a month, the stock has gained 16.43 per cent.
Bain Capital proposed to buy 22,155,000 equity shares of IIFL Wealth, with a face value of Rs 2, and constituting 24.98 per cent stake in the company at Rs 1,661 per share, which aggregates to a total consideration of Rs 3,6,79 crore.
The Letter of Agreement, inter alia, provides Bain Capital the right to nominate directors for the board of directors of IIFL Wealth, subject to specified shareholding thresholds, with effect from consummation of transactions under the agreement.
The transaction will be subject to regulatory and other customary approvals.
Karan Bhagat, Managing Director and Chief Executive Officer, IIFLWAM, said, "Since our inception 13 years ago, we continue to service our clients with unflinching commitment to innovation, consistency, transparency as well as to provide a trusted platform for all their Wealth and Asset Management needs. Bain Capital's investment is a testament to our strong leadership franchise in the financial services space, and in our team's ability to continue to execute and grow the business to scale."
JP Morgan acted as the exclusive sell-side financial advisor on the transaction, while Axis Capital and NovaDhruva acted as financial advisors to Bain Capital.