IIFL Finance To Invest Rs 200 Crore In Subsidiary
IIFL Finance Ltd. will invest Rs 200 crore in its material subsidiary, IIFL Samasta Finance Ltd., by subscription of equity shares.
In a meeting on Wednesday, the finance committee of the board of directors approved the investment by subscription of approximately 7.48-crore fully paid-up equity shares, of face value Rs 10 each at Rs 26.74 apiece, according to an exchange filing.
The money will be used to support growth, reduce gearing and improve capital adequacy, it said.
IIFL Samasta Finance provides affordable financial products to women from unbanked sections of society, in both rural and semi-urban areas. It provides its services to 22 states across the country, which helps to improve sustainable and inclusive economic growth.
Shares of IIFL Finance closed 1.22% higher at Rs 631 apiece, as compared with a 1.14% rise in the benchmark BSE Sensex.
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