IIFL Management Services Ltd to sell AIF business to IIFL Securities Alternate Asset Management Ltd

As a part of the internal restructuring, IIFL Management Services Limited, a wholly owned subsidiary of the IIFL Securities Limited ("the Company"), has executed an agreement to sell its Alternate Investment Funds business ("Identified Business") through a business transfer agreement ("BTA") by way of slump sale as a going concern, to IIFL Securities Alternate Asset Management Limited, another wholly owned subsidiary of the Company ("Transaction")

The completion of the Transaction is subject to the approvals / consents as may be necessary from the regulatory / statutory authorities / shareholders of the subsidiary companies and further conditions that may be imposed by any person or authority while granting such approvals.

This internal restructuring will help for smooth and seamless function and operations of AIF business by the subsidiary company.

Shares of IIFL Securities Limited was last trading in BSE at Rs. 152.25 as compared to the previous close of Rs. 158.85. The total number of shares traded during the day was 28284 in over 1184 trades.

The stock hit an intraday high of Rs. 161.75 and intraday low of 151.40. The net turnover during the day was Rs. 4400764.00.

Source : Equity Bulls

Keywords

IIFLSecurities INE489L01022 IIFLManagementServices AIFBusiness SlumpSale IIFLSecuritiesAlternateAssetManagement