Bain Capital buys 24.98% stake in IIFL Wealth for nearly Rs 3,700 cr

General Atlantic and billionaire Prem Watsa's company will divest their holdings.

Private equity major Bain Capital has agreed to acquire a 24.98 per cent equity stake in IIFL Wealth Management, India’s largest non-bank wealth manager with assets of $44 billion (Rs 3.3 trillion).

The US-headquartered PE will acquire 22.15 million shares at Rs1,666 apiece for nearly Rs 3,700 crore. Shares of IIFL Wealth closed at Rs 1,671, valuing the company at Rs 14,826 crore.

The stake will be acquired from another PE firm General Atlantic and Prem Watsa-owned FIH Mauritius. The transaction won’t trigger an open offer as it is just below the 25 per cent threshold.

Bain Capital has said