IIFL Holdings rose 8.62% to Rs 204.20 at 10:21 IST on BSE after FIH Mauritius Investments, a wholly-owned subsidiary of Fairfax India Holdings Corporation, offered to buy 26% more in the Indian company.
The announcement was made before trading hours today, 14 July 2015.
Meanwhile, the BSE Sensex was down 4.97 points, or 0.02%, to 27,956.22.
On BSE, so far 5.50 lakh shares were traded in the counter, compared with an average volume of 41,261 shares in the past one quarter.
The stock hit a high of Rs 225.60 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 200.25 so far during the day. The stock hit a 52-week low of Rs 112.10 on 14 July 2014.
The stock had underperformed the market over the past one month till 13 July 2015, rising 5.09% compared with 5.81% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 6.52% as against Sensex's 3.73% fall.
More From This Section
The mid-cap company has an equity capital of Rs 62.23 crore. Face value per share is Rs 2.
Fairfax India announced an open offer to purchase about 8.31 crore shares, or 26% stake, of IIFL Holdings at Rs 195 per share from the open market for a total Rs 1621 crore, according to a stock exchange statement. The purchase will be made through Fairfax's unit FIH Mauritius Investments.
Fairfax Financial Holdings, Fairfax India's parent, currently owns approximately 8.97% of IIFL and has an economic interest in another approximately 5.24% of IIFL through derivative instruments (all acquired prior to the establishment of Fairfax India), Fairfax India said in a statement.
The open offer is expected to close later this year subject to regulatory approvals in India, Fairfax India added.
As on 31 March 2015, promoters held 29.77% in IIFL Holdings.
On a consolidated basis, IIFL Holdings' net profit rose 61.83% to Rs 131.68 crore on 34.2% rise in total income to Rs 1056.70 crore in Q4 March 2015 over Q4 March 2014.
IIFL Holdings (formerly known as 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.
Powered by Capital Market - Live News