India Infoline (IIFL), one of the leading financial services providers, announced beefing up of the net worth of India Infoline Asset Management Company (IIFL AMC), the asset management company for its fund management business, by additionally investing Rs 340 million. The net worth of IIFL AMC is increased to Rs 520 million.

The said investment is made by IIFL Wealth Management (IIFLW), the wealth management subsidiary of IIFL Group and holding company of IIFL AMC.

"This demonstrates the strong focus of the group in asset management business, for managing mutual fund and AIF business, besides completing the requirements under SEBI (Mutual Funds) (Amendment) Regulations, 2014, mandating Asset Management Companies to maintain a minimum net worth of Rs 500 million," it said.

IIFL AMC has launched various equity and debt schemes under IIFL Mutual Fund with AUM of Rs 2.09 billion and more than 20,000 investors. IIFL AMC also manages Venture Capital Fund and Alternative Investment Fund(s) with aggregate commitment of more than Rs 22 billion.

Karan Bhagat, director of IIFL AMC said, ''We are pleased to complete and comply with the enhanced capital requirement for our AMC business, which would enable launching of several new and innovative schemes, under mutual fund and AIF platform, catering to our UHNI, HNI and retail investors and to substantially grow our AUM, in the coming years.''

Shares of the company declined Rs 2.15, or 1.57%, to trade at Rs 134.95. The total volume of shares traded was 12,745 at the BSE (4.01 p.m., Wednesday).