IIFL Wealth Management hit an upper circuit limit of 5% at Rs 1260 on the BSE after listing on bourses today, 19 September 2019.
The stock opened at Rs 1200 per share, which is also its intraday low. The counter clocked volume of 36,000 shares.IIFL Wealth Management, the demerged entity of IIFL Finance (formerly known as IIFL Holdings), is the first standalone wealth management company to list in India.
In March 2019, the National Company Law Tribunal (NCLT) approved the demerger of the IIFL Group. As per demerger scheme, the owner of seven shares of IIFL Holdings were eligible to receive seven shares of IIFL Finance, seven shares of IIFL Securities and one share of IIFL Wealth once the spin-off companies got listed.
In August 2019, IIFL Wealth Group (IIFL Wealth) entered into a definitive agreement to acquire 100% equity shares of L&T Capital Markets (LTCM), a wholly owned subsidiary of L&T Finance Holdings (LTFH), which provides wealth management services for individual and institutional clients. The transaction is subject to regulatory approvals.
IIFL Wealth is a private wealth management firm with an assets under management (AUM) of $24 billion (as on 31 March 2019 across distribution, AMC/discretionary, advisory and discretionary (offshore) businesses). It serves the needs of high net worth and ultra-high net worth individuals, affluent families, family offices and institutional clients through a comprehensive range of tailored wealth management solutions.
Powered by Capital Market - Live News