IIFL Finance rallies 8% after ADIA picks 20% stake in home finance business

Published On: Friday, June 10, 2022 | By: Team KnowMyStock

Shares of IIFL Finance rallied 8 percent to Rs 356.70 on the BSE in Friday’s intra-day trade after the subsidiary of Abu Dhabi Investment Authority picked a 20 percent stake in the company's home finance business.“IIFL Home Finance on Thursday, June 9, 2022, has entered into definitive agreements for raising Rs 2,200 crore of primary capital for a 20 percent stake from a wholly-owned subsidiary of the ADIA,” IIFL Finance said in a statement. The deal completion is subject to regulatory approvals."This investment aims to support the company for its next phase of growth, as it meets the significant demand in India's large, under-served and fast-growing affordable housing finance market," Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA said.IIFL Home Finance proposes to use the additional capital to continue its granular expansion strategy into new markets to address the significant and growing demand for housing loans.

Closing Bell: Sensex gains 85 points, Nifty at 18755.90

Closing Bell:Sensex gains 418 points, Nifty at 18716.15

MARKET UPDATE: Sensex rose 135 points to 62761, and the NSE Nifty50 moved 40 points higher to 18,600

Closing Bell: Sensex down 223 points, Nifty at 18,563

MARKET UPDATE: Sensex surged over 100 points to trade around 62,962 levels, whereas Nifty50 climbed over 30 points to trade above 18,650 levels

MARKET UPDATE: Sensex gained over 50 points to trade around 63,228 levels, whereas Nifty50 traded marginally above 18,700 levels

MARKET UPDATE: Sensex surged over 150 points to trade around 62,988 levels, whereas Nifty50 gained over 50 points to trade above 18,650 levels

MARKET UPDATE: Sensex traded flat at 62,777 levels, whereas Nifty50 was flat above 18,600 levels

Closing Bell: Sensex up 240 points, Nifty at 18593.85

MARKET UPDATE: Sensex rallied over 300 points, whereas Nifty50 gained over 50 points to trade above 18,600 levels

We are on Telegram!

JOIN our telegram channel to receive updates on Financial News and Stock and FNO Tips.

Click Here!

Follow Us On:

---