IIFL Holdings Shares Surge To 52-Week High On Order From CDC

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Shares of the IIFL Holdings rose more than 7 per cent on Thursday after the company announced that CDC Group, the UK goverment-owned development finance institution, will make an investment of about Rs 1,000 crore in the wholly-owned subsidiary, India Infoline Finance Ltd for a 15 per cent stake.

IIFL Holdings Shares Surge To 52-Week High On Order From CDC
IIFL Holdings: Quotes, News
BSE 707.00BSE Quote11.9 (1.68%)
NSE 710.05NSE Quote7.7 (1.08%)

IIFL Finance is a non-deposit accepting Non-Banking Financial Company and engaged in the business of home & property loans, gold loans, commercial vehicle finance, healthcare finance, loan against securities and SME business loans.

The CDC investment will help IIFL Group in expanding the financing business and address the capital needs of under-served segments through diversified offerings, the company said in the press release.

"CDC was the first private equity investor in IIFL during start-up phase in 1999. IIFL's strategy of focussing on small ticket retail credit to under-served geographies and segments resonates with CDC's investment objectives," Nirmal Jain, founder of IIFL Group said.

Shares of the company were seen trading at Rs 242, higher by 7.01 on BSE at 1.55 pm IST. It touched an intra-day high and 52-week high of Rs 248 during trade.


Read more about: iifl, india infoline
Story first published: Thursday, July 21, 2016, 14:25 [IST]
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