IIFL Wealth to acquire 100% stake in wealth management services provider L&T Capital Markets

IIFL Finance announced that IIFL Wealth Finance, a wholly owned subsidiary of IIFL Wealth Management (proposed to be listed company), has entered into a definitive agreement with L&T Capital Markets (LTCM) and its shareholder L&T Finance Holdings (LTFH), on 28 August 2019 to acquire upto 100% of the paid share equity capital of LTCM from LTFH, at a consideration of Rs 230 Crore (plus cash and cash equivalents) as of the closing date.

LTCM offers a portfolio of comprehensive products and services across asset classes, together with a dedicated set of research professionals and senior private bankers. The move is expected to further strengthen IIFL Wealth's platform for serving high net-worth and ultra-high-worth families.

 

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