IIFL Wealth gains on plan to raise funds via NCD issue

IIFL Wealth Management rose 1.52% to Rs 1434.50 after a special committee of the company approved raising Rs 120 crore through non-convertible debentures.

The resource raising committee of IIFL Wealth Management has approved the allotment of 1,200 rated secured redeemable principal protected market linked non-convertible debentures (NCDs) of face value Rs 10 lakh each, aggregating to Rs 120 crore, on a private placement basis. The NCDs hold tenor of 1,235 days.

On a consolidated basis, IIFL Wealth Management's net profit rose 63.54% to Rs 142.49 crore on 26.88% increase in total income to Rs 502.98 crore in Q2 September 2021 over Q2 September 2020.

IIFL Wealth is a private wealth management firm in India. It serves the high net worth and ultra-high net worth individuals, affluent families, family offices and institutional clients through a comprehensive range of tailored wealth management solutions.

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