IIFL Finance Shares Jump 10% After Promoter Reportedly Raises Stake

On Thursday, shares of IIFL Finance (formerly known as IIFL Holdings Limited) hit an upper circuit limit of 10 percent, up for the eighth straight day to Rs 82.5. An Economic Times report said that the surge was after promoter Nirmal Jain bought an additional stake of 0.12 percent in the NBFC (non-banking finance company) on the previous day.

The report said that promoter's stake in the IIFL Group NBFC has been raised to over 25 percent, suggesting a purchase via an open offer because according to SEBI rules, after the promoter's stake crosses 25 percent, an open offer is triggered.

IIFL Finance issued an official statement on Thursday clarifing that the Promoter Group's voting rights in the Company has not exceeded 25 percent.

"This is to clarify that the Promoter Group's voting rights in the Company has not exceeded 25% and Promoter Group has no intent to acquire more than 25% voting rights in the Company or make any public offer," the NBFC's statement said.

Meanwhile, shares of other IIFL group companies also gained on Thursday. IIFL Securities gained as much as 16.29 percent to Rs 44.25 and IIFL Wealth rose 15.77 percent to Rs 1,160.15.