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You are at:Home»Business»IIFL Finance shares drop 5% as British International Investment PLC offloads 1.6 crore shares
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IIFL Finance shares drop 5% as British International Investment PLC offloads 1.6 crore shares

Paul EasterBy Paul EasterJune 14, 2022No Comments2 Mins Read
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Shares of IIFL Finance declined nearly five per cent in Monday’s intraday trade after British International Investment PLC offloaded 1.6 crore equity shares in the company via open market transactions on June 10. This comprises 4.2% of the paid-up share of the company.  

“This is to inform you that we have, on June 10 2022, sold (in open market) 16,000,000 (Sixteen Million) equity shares of IIFL Finance Limited, constituting 4.215% of the paid-up share capital of IIFL Finance Limited,” said a regulatory filing by IIFL Finance.  

With the 4.21% stake sale in the NBFC company, British International Investment PLC shareholding in the company came down to 3.557 percent, down from 7.772 percent earlier.  

Meanwhile, as per bulk deals data, MAX Life Insurance Company bought 24.6 lakh equity shares in the company.  

In one of the largest equity investments in the affordable housing finance segment in India by a financial investor, an IIFL Finance subsidiary has entered into agreement with Abu Dhabi Investment Authority.  

Earlier, IIFL Home Finance Limited, a wholly owned subsidiary of IIFL Finance, had entered into definitive agreements for raising Rs 2,200 crore of primary capital for a 20% stake from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).   

IIFL Finance had reported a 30 per cent growth in net profit to Rs 321 crore for the March quarter, driven by strong loan sales and lower provisioning for impaired assets.  

For the full year ending March 2022, the company booked a Rs 1,188 crore in net income, a growth of 56 per cent year-on-year, aided by an overall asset growth of 15 per cent to Rs 51,210 crore despite Covid interruptions during the year. 

The company’s loan assets under management rose to Rs 51,210 crore, with the home loans segment constituting 35 per cent, gold loans 32 per cent, business loans 15 per cent and microfinance loans 12 per cent. 





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