IIFL Wealth Management has completed the acquisition of 91% of the paid up equity share capital of MAVM Angels Network ("MANPL") on fully diluted basis.
IIFL Wealth acquired the stake for Rs 45.74 crore, paid in cash through banking channels. The acquisition completed on 15 November 2022. Accordingly, MANPL has become a subsidiary of IIFL Wealth w.e.f. 15 November 2022.MANPL is a private investment platform for early‐stage ventures. Its turnover for the financial year 2021‐22 was Rs 9.65 crore.
MANPL's investment platform has synergies with product offerings of IIFL Wealth Management and its subsidiaries. However, the acquisition does not fall within related party transaction(s).
Separately, IIFL Wealth announced that it has rebranded itself as "360 ONE". The new brand and identity were unveiled by Karan Bhagat, Founder, MD & CEO.
The company said that the new brand 360 ONE will help the company retain all the elements that make it unique while also injecting the vibrancy and freshness of a modern lndia. It not only captures the company's ethos but will also resonate with a more diverse set of clients and prospects, including the next generation.
360 ONE has assets under management of Rs 3,30,000 crore, presence in 27 cities with a 900+ team strength.
IIFL Wealth Management mainly provides transaction structuring and advisory services relating to financial products to its clients. Until the previous year the Company was engaged in services relating to financial products distribution, advisory and portfolio management services by mobilizing funds and assets of various classes of investors including High Net worth Individuals. The Company is a holding company to its subsidiaries engaged in wealth and asset Management services including financial asset distribution, broking, lending, credit and investment solutions and asset and portfolio management.
IIFL wealth management consolidated net profit rose 22.4% to Rs 174.37 crore on 4% jump in operating income to Rs 505.26 crore in Q2 FY23 over Q2 FY22.
The scrip was up 0.22% at Rs 1770.65 on the BSE.
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