IL&FS Investment Managers today informed the stock exchanges that the company had acquired the shares of Saffron Asset Advisors Private limited (SAAPL), an Indian entity, thereby making SAAPL a subsidiary of the Company.
"We also wish to inform that pursuant to receipt of all requisite corporate, governmental and regulatory consents, approvals and permissions the amalgamation of Saffron Capital Securities Limited and Saffron Capital Advisors Limited into IL&FS Investment Advisors LLC, a wholly-owned subsidiary of our Company has been completed," the company said in a statement to the Bombay Stock Exchange.
The transaction will be funded partly by way of internal accruals and partly by way of debt raised by IL&FS Investment Advisors LLC. With the acquisition, the assets under management of the company along with its affiliates has increased to $3.2 billion.
