IIFL Wealth Management acquires NBFC Chephis Capital

IIFL Wealth Management, a subsidiary of financial services firm IIFL Holdings, today acquired non banking finance company (NBFC) Chephis Capital Markets Ltd.
The board has approved acquisition of 100 per cent shareholding of Chephis Capital Markets Limited, a non deposit taking non systematically important NBFC, from the existing shareholders, pursuant to the prior approval of RBI and other regulatory compliances, IIFL Wealth Management said in a statement.
Following the acquisition, Chephis has become a wholly owned subsidiary of IIFL Wealth Management, it added.
Besides, the board of IIFL Wealth Management has approved an investment of Rs 50 crore by way of additional capital into Chephis.

Global private equity firm General Atlantic Singapore Fund Pte Ltd also proposes to acquire 21.61 per cent shareholding in IIFL Wealth Management Ltd.
IIFL board approved the proposed issue and allotment of 17 lakh equity shares of its wealth management arm at a price of Rs 586.70 each for total consideration of Rs 100 crore to General Atlantic.