IIFL Securities Limited to acquire Category II AIF from IIFL Wealth Management Ltd

The sponsorship and investment management of Category II Alternative Investment Funds (AIF) is being obtained by IIFL Securities Ltd and its wholly owned subsidiary IIFL Management Services Ltd from IIFL Wealth Management Ltd.'s subsidiaries namely IIFL Wealth Prime Ltd. and IIFL Wealth Portfolio Managers Ltd respectively, for a consideration of Rs. 35.46 lakhs plus applicable taxes. The said consideration will be paid by IIFL Securities Ltd. to Wealth Portfolio Managers limited in the capacity of the Sponsor. The total AUM under these funds is currently Rs.163 crore.

The above transfer arrangement will be affected on or before June 1, 2021 and is subject to necessary filings / intimations to regulators / investors etc. The transferor and transferee entities are under the common promoters and the transfer is being done at arm's length basis, as per independent valuation certificate issued by Chartered Accountant and as approved by Audit Committee and Boards of respective companies.

Shares of IIFL Securities Limited was last trading in BSE at Rs. 48.35 as compared to the previous close of Rs. 48.15. The total number of shares traded during the day was 30,697 and the deliverable quantity was 17,863 shares.

The stock hit an intraday high of Rs. 49.15 and intraday low of Rs. 47.70.

Source : Equity Bulls

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