IIFL Holdings Limited's wealth management subsidiary i.e. IIFL Wealth Management Limited ("IIFLW") has entered into a share purchase agreement with Wealth Advisors India Private Limited ("WAI") and its shareholders on 16 October 2018 to acquire 100% of the paid share capital of WAI, at a consideration of INR 235,00,00,000/- (plus cash and cash equivalents of INR 18,58,74,000/- to be adjusted as on the closing date). Upon completion of the terms and conditions stated under the agreement, WAI will become a wholly owned subsidiary of IIFLW and its employees will become part of IIFLW, entitled to agreed employment benefits.
WAI is a Chennai-based wealth management company primarily providing portfolio management, investment advisory and sub-broking (equity segment) services to a wide-ranging client base for more than a decade. WAl's acquisition will bring on board its highly qualified management team, provide an immediate boost to the client-range of IIFLW and further its expansion into portfolio management and investment advisory business in southern India.
Shares of IIFL Holdings Limited was last trading in BSE at Rs.453 as compared to the previous close of Rs. 444.3. The total number of shares traded during the day was 24495 in over 673 trades.
The stock hit an intraday high of Rs. 463.5 and intraday low of 442.15. The net turnover during the day was Rs. 10962233.