IIFL Finance rallies 8% as home lending arm signs Rs 2,200-cr deal with ADIA

Shares of IIFL Finance rose 8% to 356.70 rupees on BSE in intraday trading on Friday, as the Abu Dhabi Investment Authority (ADIA) planned to invest 2,200 crore of rupees in IIFL Home Finance for a 20% stake.

“IIFL Home Finance on Thursday June 9, 2022 has entered into definitive agreements to raise Rs 2,200 crore primary capital for a 20% stake from a wholly owned subsidiary of ADIA,” IIFL Finance said. in a press release. Completion of the transaction is subject to regulatory approvals.

IIFL Home Finance proposes to use the additional capital to continue its strategy of granular expansion into new markets to meet the large and growing demand for home loans.

IIFL Home Finance is a wholly owned subsidiary of IIFL Finance engaged in the business of providing home loans, home loans and construction finance. The company has assets under management of Rs 23,617 crore as of March 31, 2022.

IIFL Finance is one of India’s leading retail-focused diversified NBFCs engaged in the loans and mortgages business with its subsidiaries – IIFL Home Finance and IIFL Samasta Finance.

At 09:34; IIFL Finance traded up 4% to Rs 342, against a 1.3% decline in the S&P BSE Sensex. The Non-Banking Financial Corporation (NBFC) stock hit a 52-week high at 395.15 rupees on April 28, 2022. The counter saw two huge BSE block trades. A total of 11.46 million shares representing 3% of IIFL Finance’s total equity changed hands on NSE and BSE, according to the data.

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