IIFL Finance Ltd

IIFL Finance Ltd

IndiaInfoline Finance Limited (IIFL) (Earlier known as Probity Research & Services Private Limited) was incorporated in 18th October 1995 at Mumbai. The Company converted into a Public Limited Company on 28th April 2000 and name of the Company was changed to Probity Research & Services Limited. Thereafter name of the Company was changed to India Infoline.com Limited on 23rd May 2000. and again in March 23rd 2001 the name changed as IndiaInfoline Limited. The Company is a leading online and offline broking and advisory services provider to retail and institutional clients in the cash and derivative segments. The Company offers a broad suite of financial products such as Gold Loan Loans to Micro Small & Medium Enterprises (MSMEs) Loan Against Securities and Digital Finance Loans. The Company along with its subsidiaries caters to entire gamut of financial services including equities and commodities broking portfolio management distribution of mutual funds life insurance products home loans personal loans etc. The Company identified the potential of the Internet to cater to a mass retail segment and transformed its business model from providing information services to institutional customers to retail customers. Hence it launched Internet Portal www.indiainfoline.com in May 1999 and started providing news and market information independent research interviews with business leaders and other specialized features. IIL acquired 100% shares of Agri Marketing Services Limited during March of the year 2000. In the year 2000 IIL leveraged its position as a provider of financial information and analysis by diversifying into transactional services primarily for online trading in shares and securities and online as well as offline distribution of personal financial products like mutual funds and RBI Bonds. These activities are carried on through the wholly owned subsidiaries. The broking service was launched under the brand name of 5paisa through our subsidiary India Infoline Securities Private Limited and www.5paisa.com the e-broking portal was launched for online trading in June of the year 2000. It combined competitive brokerage rates and research supported by Internet technology. Besides investment advice from an experienced team of research analysts also offer real time stock quotes market news and price charts with multiple tools for technical analysis. In December of the year 2000 India Infoline Insurance Services Limited (subsidiary) became a corporate agent for ICICI Prudential Life Insurance Company Limited. In the year 2004 the company launched commodities broking through its subsidiary India Infoline Commodities Private Limited. Also received a license for Portfolio Management Services from SEBI for broking subsidiary. During the year 2006 the company received the requisite prior approval from The Securities and Exchange Board of India for its proposed merger of India Infoline Securities Private Limited (IISPL) a wholly owned subsidiary with itself. It had earlier received in-principle approval from National Stock Exchange and The Stock Exchange Mumbai. In January 2007 the company entered into an alliance with Bank of Baroda for providing Brokerage Platform besides research and analysis services to the bank's customers. India Infoline awarded the `Best Broker in India' by Finance Asia. This was a result of Finance Asia's annual look at the best financial services firms in each country around Asia for the period from June 2007 to May 2008.During March of the year 2008 India Infoline's institutional broking arm IIFL partnered with Auerbach Grayson & Company Inc. a New York-based brokerage firm to offer US investors premium access to investing in India's capital markets. Auerbach Grayson specializes in providing global trade execution and exclusive research to U.S. institutional investors. As of July 2008 the company received the in-principle approval for the insurance broking licence from IRDA.During the year 2010-11 the Company's Singapore subsidiary commenced its equity broking operations from December 2010. . Similarly the Company's subsidiary in Sri Lanka received approval from Colombo Stock Exchange and SEC Sri Lanka for undertaking broking business in July 2010 thereby becoming the first Indian broking Company to set up broking business in Sri Lanka. As on March 31 2012 the Company had 29 subsidiaries located in India and overseas.India Infoline Marketing Services Limited (IIMSL) a wholly owned subsidiary got merged with the Company with effect from April 1 2011 and the Scheme of Amalgamation was sanctioned by the Hon'ble High Court of Judicature at Bombay vide Order dated April 27 2012. Similarly Moneyline Credit Limited step down NBFC subsidiary was merged with India Infoline Finance Limited direct NBFC subsidiary in 2012.India Infoline Venture Capital Fund (IIFL VCF) the venture capital arm of India Infoline Group (IIFL) launched its Real Estate Fund - `IIFL Real Estate Fund (Domestic) Series 1' in January 2012 which was fully subscribed with total commitment of Rs. 5 billion with green shoe option of Rs. 2.5 billion. Subsequent to SEBI approval to mutual fund business IIFL Mutual Fund launched its first New Fund Offer IIFL Nifty ETF in September 2011. IIFL Mutual Fund also launched 3 series of debt schemes under IIFL Fixed Maturity Plan. The total net assetsunder management of IIFL Mutual Fund as on March 31 2012 was Rs. 1711.3 million. Under IIFL Private Equity Fund (Category II AIF) IIFL Income Opportunities Fund was launched as a Close-ended Debt Scheme in February 2013. During the year 2013 the Company as a sponsor received approval from SEBI for newly opened up AlternativeInvestment Funds (AIFs) under all three categories namely IIFL Venture Fund (Category I AIF - Venture Capital Fund) IIFL Private Equity Fund (Category II AIF) and IIFL Opportunities Fund (Category III AIF). IIFL Mutual Fund increased the number of its equity schemes by launching IIFL Dividend Opportunity Fund an Open-ended Index Scheme. The Fund also launched a Close ended Debt Scheme which mobilised Rs. 1222.1 million.During the year 2015 India Infoline Asset Management Company Limited (IIFL AMC) under IIFL Mutual Fund Platform launched IIFL India Growth Fund in October 2014 which garnered Rs. 1121 million from public subscription. Under the IIFL's Alternative Investment Fund(s) platform (IIFL AIF) IIFL AMC launched IIFL National Development Agenda Fund Category III AIF investing into equities and IIFL Real Estate Fund Domestic Series II investing primarily in securities issued by real estate entitieswhich garnered collectively Rs. 5305 million (till March 31 2015) from high networth investors.During the year 2015 IIFL AMC commenced its operations as Portfolio Manager. As on March 31 2015 total assets under managementby IIFL AMC under IIFL Mutual Fund IIFL Alternative Investment Fund and Portfolio Management were Rs. 22056 million.A Scheme of Arrangement between IIFL Holdings Limited and 5paisa Capital Limited (a wholly owned subsidiary of the Company) and their respective Shareholders was sanctioned by the Hon'ble National Company Law Tribunal (NCLT) Mumbai Bench vide its order dated September 06 2017 to demerge 5paisa digital undertaking from IIFL Holdings Limited to 5paisa Capital Limited. The said Demerger is effected w.e.f. the Appointed Date i.e. October 1 2016. Pursuant to this 5paisa Capital Limited ceased to be a subsidiary of the Company w.e.f. from September 30 2017. Post the demerger 5paisa Capital Limited got listed on NSE and BSE on 16th November 2017 which became India's first listed Fintech Company.As on March 31 2017 the Company had 32 subsidiaries located in India and overseas. The Company acquired 1.13% of the Equity Share Capital of M/s. India Infoline Finance Limited the Non Banking Financial subsidiary of the Company from M/s. Bennett Coleman & Company Ltd. Pursuant to the said Acquisition India Infoline Finance Limited and IndiaInfoline Housing Finance Limited (subsidiary of India Infoline Finance Limited) became 100% subsidiaries of the Company in year 2017.During the year 2017 name of India Infoline Asset Management Company Limited (IIFL AMC) was changed to IIFL Asset Management Limited. Under IIFL Mutual Fund Platform the assets under management increased from Rs. 3524 million to Rs. 4923 million. Duringthe year 2017 the IIFL Dividend Opportunities Index Fund and IIFL Nifty ETF got merged with IIFL India Growth Fund.The Board of Directors of the Company at its meeting held on January 31 2018 had approved the Composite Scheme of Arrangement amongst the Company IIFL Finance Limited (erstwhile IIFL Holdings Limited; IFL) India Infoline Media and Research Services Limited (IIFL M&R) IIFL Securities Limited IIFL Wealth Management Limited India Infoline Finance Limited IIFL Distribution Services Limited (IIFL Distribution) and their respective shareholders which inter-alia envisages the demerger of the Securities Business Undertaking of IIFL Finance Limited into the Company which was sanctioned by Hon'ble National Company Law Tribunal (NCLT) Mumbai Bench vide its order dated March 7 2019. IIFL Securities Limited and IIFL Wealth Management Limited were demerged and independently listed. IIFL Holdings Limited was renamed as IIFL Finance Limited.As on March 31 2018 the Company had 32 subsidiaries (including step down subsidiaries)/ Associates located in India and Overseas. During year 2018 the Company acquired additional 50% equity shares of IIFL Asset Reconstruction Limited (ARC) and consequently ARC became a wholly-owned subsidiary of the Company and ceased to be an Associate Company. Further India Infoline Finance Limited the NBFC subsidiary acquired 100% equity shares of Clara Developers Private Limited and IIFL Wealth Management Ltd.incorporated IIFL Capital (Canada) Limited as its wholly-owned subsidiary. During the year 2018 5paisa Capital Limited and IIFL Properties Private Limited ceased to be subsidiaries of the Company.As of March 31 2019 Company had 3 subsidiaries IIFL Home Finance Limited (Formerly known as India Infoline Housing Finance Limited) Samasta Microfinance Limited and Clara Developers Private Limited. During the year 2019-20 due to merger of India InfolineFinance Limited with the Company w.e.f. March 30 2020 India Infoline Finance Limited ceased to be a subsidiary of the Company. The Company had a network of over 2377 branches across more than 600 towns/cities in 2019-20. It added a network of 430 branches during year 2020.As on March 31 2021 the Company had 2 subsidiaries IIFL Home Finance Limited and Samasta Microfinance Limited. During the year 2020-21 Clara Developers Private Limited ceased to be the wholly-owned subsidiary of the Company with effect from July 27 2020 due to sale of Clara Developers Private Limited. As of March 31 2021 AUM stood at Rs 446.9 Billion. The Company had a network of over 2563 branches in 2020-21. It added a network of 186 new branches during year 2021.As on March 31 2022 the Company has 2 subsidiaries and 1 step down subsidiary viz. IIFL Home Finance Limited IIFL Samasta Finance Limited (Earlier known as Samasta Microfinance Limited) and IIHFL Sales Limited. During the year 2021-22 IIHFL Sales Limited was incorporated on September 28 2021 as a wholly owned subsidiary of HFC which is a wholly owned subsidiary of the Company. Accordingly IIHFL Sales Limited became the step-down subsidiary of the Company. During FY 2021-22 it added a network of 731 new branches across the country.As of March 31 2022 AUM stood at Rs 61.6 Billion with a growth of 30% YoY. During the year 2022 IIFL Home Finance raised US$ 68 Millionby issue of NCDs to Asian Development Bank (ADB) for enhancing funding to affordable green housing across the lower-income groups in India. In June 2022 Abu Dhabi Investment Authority (ADIA) has signed a definitive agreement to invest Rs. 22 billion for a 20% stake in IIFL Home Finance.During the year 2021-22 Company launched Co-branded Prepaid Cards an innovative product with ICICI Bank for their Gold loan customers. It tied up with fintech and digital players to get leads and add new customers to portfolio. The Company formed a Joint Venture (JV) with Open Financial Technologies to establish India's first Neobank for MSMEs.During the FY 2022-23 the Company had a network of over 4267 branches. 971 new branches were added during the year. Retail Home loans constituted 34% of the total AUM and stood at Rs 21800 Crore. Total disbursement during the year amounted to Rs 8075 Crore. Growth of retail home loans was 23% YoY as of March 31 2023.