IIFL to reorganize corporate structure; spurts over 10 per cent
IIFL Holdings on Wednesday announced to reorganize the company's corporate structure. The reorganization will result in three listed entities, one each for its Loans and Mortgages; Wealth and Asset Management; and Capital Markets businesses.
For the owner of seven shares of IIFL Holdings, the listed company, the reorganization will result in seven shares of IIFL Finance; seven shares of IIFL Securities; and one share of IIFL Wealth. The reorganization process requires multiple approvals and is expected to take 10 to 12 months.
The company also announced an increase of 32 per cent in its consolidated net profit at Rs 235.76 crore for Q3 FY18 as against Rs. 179.07 crore in the same period last year. However, the total income fell to Rs 1,671.66 crore during the quarter from Rs 1,273.68 crore in the same period last fiscal.
At 14:34 hours, IIFL Holdings was trading at Rs. 800.25 per share, up Rs. 70.80 or 69.68 per cent on NSE. The stock attracted a traded volume of 26,36,571 shares on NSE.