Mumbai: Global private equity firm General Atlantic Singapore Fund Pte Ltd will acquire 21.61 per cent shareholding in IIFL Wealth Management Ltd, the wealth management subsidiary of IIFL Holdings Ltd, for an estimated Rs 1,122.34 crore.
IIFL Holdings in a announcement on Saturday said, “General Atlantic will make a strategic investment to become a minority shareholder in wealth subsidiary IIFL Wealth Management Ltd. General Atlantic’s investment will help to support the company’s continued growth and platform expansion as the premier wealth management company in India,” IIFL said. It’s board has approved the proposed issue and allotment of 17 lakh equity shares of its wealth management arm at a price of Rs 586.70 each for total consideration of Rs 100 crore to General Atlantic, as per the filing with the BSE.
Additionally, IIFL Holdings would allot 1.36 crore warrants of IIFL Wealth for an estimated Rs 863 crore to the international private equity firm. Overall, the wealth management company said that the transactions would result “in total investments of Rs 1,122.34 crore from General Atlantic (GA) leading to an equity ownership by GA of up to 21.61 per cent in IIFLW on a fully diluted basis”.
