UK government owned CDC has agreed to purchase sake in IIFL Finance

Q.  UK government owned CDC has agreed to purchase what stake in IIFL Finance, a completely owned subsidiary of IIFL Holdings Limited for around INR 1000 crore?
- Published on 21 Jul 16

a. IIFL Finance
b. IIFL Money
c. IIFL Capital
d. None of the above

ANSWER: IIFL Finance
 
UK Government owned development finance institution CDC Group PLC has agreed to purchase 15 percent stake in India Infoline Finance, a completely owned subsidiary of IIFL Holdings Ltd for INR 1000 crore.
  • Move will help IIFL Group in expanding financing business and address capital needs of under served segments through diversified offerings, as per company statement.
  • Proposed investment is by way of Compulsorily Convertible Preference Shares which on conversion will result in 15 percent equity stake for CDC in IIFL Finance on a fully diluted basis.
  • Proposed transaction is subject to regulatory approvals.
  • CDC was the first PE investor in IIFL during the startup phase in 1999.
  • IIFL Finance, an NBFC in the business of home and property loans, gold loans, commercial vehicle finance, healthcare finance and SME business loans is under the chairmanship of VK Chopra.

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