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    IIFL Finance falls 4% as British International offloads stake in firm

    Synopsis

    Max Life Insurance company acquired 24.6 lakh equity shares in the financial firm and Nomura India Investment Fund Mother Fund bought 44,74,548 shares of the firm.

    IIFL Finance falls 4% as British International offloads stake in firm
    New Delhi: Shares of IIFL Finance plunged 4 per cent in early trade on Monday after British International Investment (formerly known as CDC Group) offloaded 1.6 crore equity shares of the company through open market transactions on June 10.

    Meanwhile, Max Life Insurance company acquired 24.6 lakh equity shares in the financial firm and Nomura India Investment Fund Mother Fund bought 44,74,548 shares of the firm.

    At 10:30 am, the scrip traded at Rs 341 on BSE around 3.4 per cent below its previous close of Rs 353.9. It touched the day's low of Rs 342.9.

    The development comes soon after a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA) invested Rs 2,200 crore in IIFL Home Finance, a wholly-owned subsidiary of IIFL Finance, which resulted in a 13 per cent rise in shares of the latter on Friday. It is one of the largest equity investments in the affordable housing finance segment in India by a financial investor.

    IIFL Finance, founded in 1995, is a midcap company with a market cap of Rs 13,006 crore operating in the NBFC sector. IIFL has two subsidiaries, IIFL Home Finance and Samasta Microfinance.

    IIFL Finance has given a 3-year return of 122.73 per cent as compared to a 55 per cent upside seen in the Nifty Midcap 100. Promoters held a 24.91 per cent stake in the company as of March 31, 2022.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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