The stock brokerage has agreed to buy an additional 6.25% stake in Trendlyne.
IIFL Securities on Wednesday said it has agreed to acquire an additional 6.25% stake in Trendlyne from one of the existing investor. Post-acquisition, IIFL Securities shall hold 20.55% of the share capital of Trendlyne on fully diluted basis, it added. Pursuant to this Giskard Datatech (Trendlyne) shall become an associate of the company.Trendlyne is engaged in the business of developing cloud-based analytics and modelling platform for stock market investors, analysts and advisors.
IIFL Securities' consolidated net profit tanked 66.9% to Rs 41.49 crore on a 37.8% decline in total income to Rs 178.29 crore in Q1 June 2020 over Q1 June 2019.
IIFL Securities (Formerly India Infoline) is one of the largest independent full-service retail and institutional broking house along with being a leading investment advisory firm in India.
Shares of IIFL Securities slipped 3.63% to Rs 38.55 on BSE. The scrip has galloped 101.83% from its 52-week low of Rs 19.10 hit on 15 October 2019.
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