IIFL Finance spurts 17% in five days; to acquire minority stake in NSE

IIFL Finance rallied 13.18% to Rs 400.90 after extending gains for the fifth consecutive trading session.

IIFL Finance surged 17.88% in five trading sessions from its recent closing low of Rs 340.10 on 28 March 2024.

According to the regulatory filing dated on 01 April 2024, reveals that the company has received approval from the National Stock Exchange of India (NSE) to acquire 0.18% stakes for Rs 284.40 crore from FIH Mauritius Investments.

NSE is Indias leading stock exchange incorporated in 1992 and commenced operations in 1994. As of 31 March 2023 the companys sales turnover was Rs. 11,181.03 crore.

The equity shares will be acquired through secondary market purchase and shall form part of current investment of the company with view to reap the long term/ short-term investment benefits.

It is expected to be completed within a month, subject to certain conditions being met.

The firm has clarified that they do not intend to acquire any control over the target entity's management. The entire transaction will be conducted on an arm's length basis

On the BSE, 13.07 lakh shares were traded in the counter so far compared with average daily volumes of 3.10 lakh shares in the past two weeks.

The stock hit a 52-week high of Rs 704.20 on 16 October 2023. The stock hit a 52-week low of Rs 313.25 on 27 March 2024.

IIFL Finance, a leading retail-focused NBFC in India, offers loans and mortgages through its subsidiaries. With a wide range of products and a vast customer base, they operate across India through branches and digital channels.

The companys consolidated net profit surged 29.64% to Rs 490.44 crore on 25.64% increase in revenue from operations stood to Rs 2,694.36 crore in Q3 FY24 over Q3 FY23.

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