IIFL Finance gains after exchanges OK listing of demerged entities

IIFL Finance rose 1.72% to Rs 115 after stock exchanges approved listing of two demerged entities.

The BSE and the National Stock Exchange of India (NSE) permitted listing and commencement of trading for IIFL Wealth from 19 September 2019 and for IIFL Securities from 20 September 2019.

IIFL Wealth and IIFL Securities will be available in trade for trade (T-to-T) segment for 10 trading days from the date of commencement of trading. Both the scrips will be part of the special pre-open session on the date of commencement of trading.

In March 2019, the company had informed that the National Company Law Tribunal (NCLT) approved the proposed demerger of the IIFL Group. As per demerger scheme, the incumbent owner of seven shares of IIFL Holdings will be eligible to hold seven shares of IIFL Finance, seven shares of IIFL Securities and one share of IIFL Wealth once the spin-off companies get listed.

Meanwhile, the S&P BSE Sensex was up 82 points or 0.23% to 36563.46.

On the BSE, 9657 shares were traded in the counter so far compared with average daily volumes of 8952 shares in the past one quarter. The stock hit a high of Rs 118 and a low of Rs 113.95 so far during the day.

The stock hit a 52-week high of Rs 331.08 on 17 Sep 2018. The stock hit a 52-week low of Rs 98.85 on 05 Aug 2019.

On a consolidated basis, the Financial services company's net profit jumped 385.6% to Rs 146.74 crore on a 2.7% increase in the total income to Rs 1209.08 crore in Q1 June 2019 over Q1 June 2019 over Q1 June 2018.

IIFL Finance is one of the leading players in the Indian financial services space.

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