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IIFL Holdings gains after selling stake in Sri Lankan units

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IIFL Holdings rose 1% to Rs 76.56 at 10:54 on after the company said it has completed sale of its stake in two Sri Lankan subsidiaries.

The company made the announcement after market hours on Friday, 21 March 2014. Shares of IIFL Holdings fell 0.26% to Rs 75.80 on Saturday, 22 March 2014. A special live trading session was held on Saturday as the National Stock Exchange (NSE) was testing its software.

Meanwhile, the Sensex was up 245.92 points, or 1.13%, to 22,001.24.

On BSE, so far 1,438 shares were traded in the counter, compared with an average volume of 46,644 shares in the past one quarter.

The stock hit a high of Rs 76.95 and a low of Rs 74 so far during the day. The stock hit a 52-week high of Rs 77.35 on 22 March 2014. The stock hit a 52-week low of Rs 40 on 1 August 2013.

The stock had outperformed the market over the past one month till 22 March 2014, rising 8.91% compared with the Sensex's 5.09% rise. The scrip had also outperformed the market in past one quarter, rising 31.03% as against Sensex's 3.20% rise.

The small-cap company has an equity capital of Rs 59.24 crore. Face value per share is Rs 2.

IIFL Holdings (IIFL) announced that it has completed the divestment of its 76% stake in its Sri Lankan subsidiary, IIFL Securities Ceylon, which is engaged in stock broking activities at Colombo Stock Exchange, to its Sri Lankan joint venture (JV) partner, Priyani Ratnagopal.

The company added that it had also divested its 76% stake in its other Sri Lankan subsidiary, IIFL Capital Ceylon, to the JV partner, Priyani Ratnagopal. IIFL Capital Ceylon is engaged in corporate advisory services in

On a consolidated basis, IIFL's net profit fell 8.3% to Rs 67.11 crore on 0.9% decline in total income to Rs 689.72 crore in Q3 December 2013 over Q3 December 2012.

IIFL Holdings, erstwhile India Infoline, is the apex holding company of the entire IIFL Group, which is a leading financial services company in India. It has a diversified business model that includes credit and finance, wealth management, financial product distribution, asset management, capital market advisory and investment banking.

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First Published: Mon, March 24 2014. 11:04 IST