IIFL Holdings gains after selling stake in Sri Lankan units

IIFL Holdings rose 1.05% to Rs 76.80 at 12:02 IST on BSE after the company said it has completed sale of its stake in two Sri Lankan subsidiaries.

The company made the announcement after market hours on Friday, 21 March 2014.

Meanwhile, the BSE Sensex was up 5.77 points, or 0.03%, to 21,759.52.

On BSE, so far 2,285 shares were traded in the counter, compared with an average volume of 47,330 shares in the past one quarter.

The stock hit a high of Rs 77.35 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 75.50 so far during the day. The stock hit a 52-week low of Rs 40 on 1 August 2013.

The stock had outperformed the market over the past one month till 21 March 2014, rising 9.20% compared with the Sensex's 5.09% rise. The scrip had also outperformed the market in past one quarter, rising 31.37% as against Sensex's 3.20% rise.

The small-cap company has an equity capital of Rs 59.24 crore. Face value per share is Rs 2.

IIFL Holdings (IIFL) announced that it has completed the divestment of its 76% stake in its Sri Lankan subsidiary, IIFL Securities Ceylon, which is engaged in stock broking activities at Colombo Stock Exchange, to its Sri Lankan joint venture (JV) partner, Priyani Ratnagopal.

The company added that it had also divested its 76% stake in its other Sri Lankan subsidiary, IIFL Capital Ceylon, to the JV partner, Priyani Ratnagopal. IIFL Capital Ceylon is engaged in corporate advisory services in Sri Lanka.

On a consolidated basis, IIFL's net profit fell 8.3% to Rs 67.11 crore on 0.9% decline in total income to Rs 689.72 crore in Q3 December 2013 over Q3 December 2012.

IIFL Holdings, erstwhile India Infoline, is the apex holding company of the entire IIFL Group, which is a leading financial services company in India. It has a diversified business model that includes credit and finance, wealth management, financial product distribution, asset management, capital market advisory and investment banking.

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