IIFL Finance up over 8.5%

IIFL Finance is among the top five gainers on the BSE, rising over 8.5% to an intraday high at Rs.356.70. Its 52-week high stands at Rs.395.15.

The stock price rose on the company’s announcement yesterday that its wholly-owned subsidiary, IIFL Home Finance has entered into definitive agreements to raise Rs 2,200 crore of primary capital for a 20% stake from a wholly-owned subsidiary of the Middle East sovereign wealth fund Abu Dhabi Investment Authority (ADIA).

IIFL Finance plans to use additional capital to expand into new markets.

This would be one of the largest equity investments in the affordable housing finance segment in India by a financial investor.

As at 31st March’22, IIFL Home Finance has AUM of Rs 23,617 crore, with an active customer base of 168,000.