L&T Capital Markets offers a portfolio of comprehensive products and services across asset classes, together with a dedicated set of research professionals and senior private bankers.
IIFL Wealth Management on Wednesday said it has entered into a definitive agreement to acquire 100% equity shares of L&T Capital Markets, a wholly-owned subsidiary of L&T Finance. However, the transaction is subject to regulatory approvals.
L&T Capital Markets offers a portfolio of comprehensive products and services across asset classes, together with a dedicated set of research professionals and senior private bankers. The move is expected to further strengthen IIFL Wealth’s platform for serving high net-worth (HNI) and ultra-high net-worth families.
Karan Bhagat, founder, MD & CEO of IIFL Wealth Management, said: “L&T Capital brings in product innovation, geographical spread, and client assets of more than Rs 24,000 crore. Going forward, our combined effort will further strengthen our reach and offerings for the high net-worth and ultra-high net-worth clients across India. ”
Dinanath Dubhashi, managing director & CEO, L&T Finance, said: “This move will help the wealth management business scale up further by accessing the broader repertoire of products and services offered by the IIFL Wealth platform, which will benefit the clients and the team. L&T Financial Services will continue to focus on its strategy centered around stable and sustainable growth in businesses and create value for all stakeholders.” JM Financial acted as the exclusive financial advisor to L&T Finance.
IIFL Wealth & Asset Management has geographical footprint across 33 locations in seven major global financial hubs and 26 locations including India and around the world. L&T Capital Markets caters to HNIs and ultra-high-worth families with presence across nine locations in India.