IIFL Holdings shares soared over 10% intraday on Thursday after it announced that CDC Group plc will make an investment of about Rs 1,000 crore in the wholly-owned subsidiary
IIFL Holdings shares soared as much as 10.38 per cent on Thursday after the company announced that CDC Group plc, the UK goverment-owned development finance institution, will make an investment of about Rs 1,000 crore in the wholly-owned subsidiary, India Infoline Finance Ltd for a 15 per cent stake. In a release, IIFL Holding said, “The investment will help IIFL Group in expanding the financing business and address the capital needs of under-served segments through diversified offerings.
At 12.47 pm, shares of IIFL Holdings were trading 7.70 per cent up at Rs 242.75. The scrip opened the day at Rs 248.80 and has touched a high and low of Rs 248.80 and Rs 235, respectively, in trade so far. Nirmal Jain, founder, IIFL Group in a release said, “CDC was the first private equity investor in IIFL.”
IIFL Finance is an NBFC which is engaged in the business of home and property loans, gold loans, commercial vehicle finance, healthcare finance, loan against secuities and SME business loan. For the financial year ended March 31, 2016, the company’s loan bood stood at Rs 17,770 crore and net profit stood at Rs 340 crore.
IIFL Holdings reported 14.27 per cent rise in consolidated bottomline figures for the year ended March 31, 2016. The company posted net profit of Rs 511.18 crore against Rs 447.33 crore last year.
Shares of IIFL Holdings closed 6.52 per cent up at Rs 240.10 on BSE.