IIFL Finance rises as subsidiarys board approves allotment of shares to ADIAs arm

23 Aug 2022 , 10:15 AM

IIFL Home Finances board considered and approved the allotment of its 53,76,457 fully paid-up equity shares to the investor company for an aggregate consideration of Rs 2,200 crore. Post this transaction, the investor will hold 20% shareholding in IIFL Home Finance. IIFL Home Finance is a wholly-owned subsidiary of IIFL Finance. The company is one of the Indias affordable housing finance companies. IIFL Finance is one of the leading retail-focused diversified NBFCs in India, engaged in the business of loans and mortgages along with its subsidiaries – IIFL Home Finance and IIFL Samasta Finance. IIFL Finance, through its subsidiaries, offers a wide spectrum of products such as home loans, gold loans, business loans, microfinance, capital markets finance and developer & construction finance to over 8 million customers. On a consolidated basis, the NBFCs net profit rose 24.1% to Rs 329.69 crore on 29% increase in total income to Rs 1,975.18 in Q1 FY23 over Q1 FY22. Powered by Capital Market – Live News