 "IIFL Holdings gains as CDC Group to invest in finance arm")
IIFL Holdings has rallied 11% to Rs 249, also its 52-week high on the BSE in intra-day trade, after the company announced that U.K.’s government-owned development finance institution CDC Group plc. (CDC) will make an investment of about Rs 1,000 crore in its wholly-owned subsidiary India Infoline Finance (IIFL Finance).
“The proposed investment is by way of Compulsorily Convertible Preference Shares (CCPS) with on conversion will result in about 15% equity stake for CDC in IIFL Finance on a fully diluted basis,” IIFL Holdings said in a press release.
IIFL Finance is a non-banking financial company which is engaged in the business of home and property loans, gold loans, commercial vehicle finance, healthcare finance, loan against securities and business loans for small and medium-sized enterprises.
At 11:46 AM, the stock was up 8.5% at Rs 245 on the BSE. The trading volumes on the counter jumped more than eight-folds with a combined 862,847 shares changed hands on the BSE and NSE till 10:43 AM.
“The proposed investment is by way of Compulsorily Convertible Preference Shares (CCPS) with on conversion will result in about 15% equity stake for CDC in IIFL Finance on a fully diluted basis,” IIFL Holdings said in a press release.
IIFL Finance is a non-banking financial company which is engaged in the business of home and property loans, gold loans, commercial vehicle finance, healthcare finance, loan against securities and business loans for small and medium-sized enterprises.
At 11:46 AM, the stock was up 8.5% at Rs 245 on the BSE. The trading volumes on the counter jumped more than eight-folds with a combined 862,847 shares changed hands on the BSE and NSE till 10:43 AM.