India Infoline (IIFL) witnessed a sharp rise in share price on Thursday after the company announced that the board of directors of the company has considered and approved the proposed investment of about Rs 10 billion by CDC Group Plc, UK (CDC) in the wholly owned subsidiary of the company namely India Infoline Finance, a systemically important Non Banking Financial Company (NBFC) of the Group. The above investment is by way of issue and allotment of Equity Shares and Compulsorily Convertible Preference Shares [CCPS] subject to necessary regulatory approvals.
Entering into an investment agreement amongst the company, India Infoline Finance and CDC in relation to the aforesaid investment. Upon the consummation of the transaction, CDC will hold around 15% equity stake in India Infoline Finance Limited on a fully diluted basis i.e. assuming full conversion of CCPS and maximum possible dilution due to vesting of all outstanding stock options.
Shares of IIFL Holdings are trading at Rs 240.80, up Rs 15.4, or 6.83% at the Bombay Stock Exchange (BSE) on Thursday at 2:21 p.m.
The scrip has touched an intra-day high of Rs 248.80 and low of Rs 235.00. The total volume of shares traded at the BSE is 169,187.
Total volume of shares traded on the bourses today was higher by 722.66% to 1,026,675 compared with 22-day average volume of 124,800.