Private lender IDFC Bank today picked up a 5 per cent stake in financial services major IIFL Holdings for over Rs 502 crore through an open market transaction.
The shares were offloaded by Copthall Mauritius Investment Ltd.
According to bulk deal data available with BSE, IDFC Bank purchased 15,853,000 shares, amounting to 4.99 per cent stake, of IIFL Holdings.
The shares were purchased on an average price of Rs 317 valuing the transaction at Rs 502.54 crore.
As of December quarter, Copthall Mauritius Investment held 5.13 per cent in IIFL Holdings.
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During October-December of the current fiscal, IIFL Holdings reported a 62 per cent jump in consolidated net profit at Rs 222 crore. It had posted a net profit of Rs 137.2 crore in the year-ago period.
The company’s income rose 34 per cent to Rs 746 crore in the three months ended December 2016.
The stock of IIFL Holdings today closed at Rs 322.90 on BSE, 2.23 per cent higher from the previous close.