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


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

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

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.

IIFL Finance is one of the leading retail-focused diversified NBFCs in India, engaged in the business of loans and mortgages along with its subsidiaries - IIFL Home Finance and IIFL Samasta Finance.

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