- International private equity powerhouse, General Atlantic Singapore, has made a significant investment in IIFL Wealth Management (IIFLW), obtaining a 21.6% stake in the company. This acquisition, valued at Rs 1,122 crore, marks a major move in the financial sector.
- IIFL Holdings released a stock exchange announcement following a board meeting, revealing its decision to issue 1.7 million equity shares worth Rs 100 crore. Additionally, they plan to issue 13.63 million warrants valued at Rs 863 crore to General Atlantic Singapore Fund Pte.
- This investment by General Atlantic totals Rs 1,122 crore in IIFL Wealth. As a result, they will hold a 21.6% stake in the company once the deal is finalized. Consequently, IIFL Holding’s stake in IIFL Wealth will decrease from 76.79% to 53.86%.
- IIFL Holdings expressed in a BSE filing that this proposed transaction would provide IIFLW with additional capital for business operations, general corporate purposes, and to facilitate growth and business expansion.
- IIFL Holdings, the parent company for the entire IIFL group, has interests in various financial services, including broking, investment banking, asset management, and lending.
- In related news, Fairfax India Holdings Corporation, based in Canada, plans to acquire a 26% stake in IIFL Holdings. This acquisition, expected to be over Rs 1,500 crore, is set to occur through a voluntary open offer in December this year.
Kanoria Africa Textiles Establishes Manufacturing Plant in Ethiopia
- Kanoria Africa Textiles, an affiliate of Kanoria Chemicals & Industries Ltd, has inaugurated an integrated plant at Bishoftu in Ethiopia. This plant will focus on the production of denim fabric.
- The Ethiopian Prime Minister, Hailemariam Desalegn, officiated the inauguration of the plant. "Kanoria Africa Textiles plc is pioneering the first integrated Denim project in East Africa, marking a significant step for the region's manufacturing sector.
