IIFL Holdings today said its subsidiary IIFL Wealth Management has approved conversion of 1.3 crore warrants issued to General Atlantic Singapore into equities.
In this regard, IIFL Holdings Ltd has now informed BSE that IIFLW has since received balance consideration of Rs 588.01 crore towards exercise of warrants from General Atlantic, IIFL said in a regulatory filing to stock exchanges.
Accordingly the Board IIFLW at its meeting approved conversion of 136,35,589 warrants into equity shares and allotted 136,35,589 equity shares to General Atlantic Singapore Fund Pte. Ltd., at an exercise price of Rs 589.46 per share, it said.
Besides, the board of IIFLW has approved an investment of Rs 590 crore by way of equity capital in IIFL Wealth Finance Limited, a wholly owned subsidiary of IIFLW, it said.
(REOPENS DCM123)
In a separate statement, IIFL Holdings said it has
acquired 26,86,481 equity shares having face value of Rs 10 each, constituting 1.13 per cent of the equity share capital of India Infoline Finance, the non-banking financial subsidiary of the company, from Bennett Coleman and Company Ltd.
Pursuant to said acquisition, IIFL becomes a 100 per cent subsidiary of the company, it added.
