IIFL Holdings surges on FIPB nod to hike FII stake

FIPB has approved the proposed hike in FII stake to 80% from 50.16% for Rs 1,800 crore

Shares of IIFL Holdings were up 7% at Rs 199 after the finance ministry on Wednesday approved 6 foreign direct investment proposals based on the recommendations given by the Foreign Investment Promotion Board (FIPB).

Of the 6 FDI proposals worth Rs 1,810.25 approved by the FIPB, IIFL Holdings was the largest recepient at Rs 1,800 crore.

The NBFC had proposed increase in foreign equity to 80% from 50.16% by way of issuing equity shares to Foreign Institutional Investors.

The stock opened at Rs 193 and touched a high of Rs 206. At 12:40pm, over 270,000 shares were traded on both the stock exchanges.