IIFL Finance shares frozen at 10% upper circuit as promoter hikes stake

Nirmal Bhanwarlal Jain bought an additional 454,000 equity shares of IIFL Finance on Wednesday

Shares of IIFL Group companies were in focus at the bourses on Thursday. On an individual basis, shares of IIFL Finance were locked in 10 per cent upper circuit at Rs 82.20 on the BSE after its promoter & director Nirmal Jain increased stake in the company through open market purchases.

On Wednesday, Jain bought an additional 454,000 equity shares of IIFL Finance for Rs 3.40 crore, according to disclosure made by the company to stock exchange. Post transaction, Jain's stake in IIFL Finance increased to 12.61 per cent from 12.49 per cent, it said.

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