IIFL Finance Ltd shares will be in focus on Tuesday after the NBFC said it has received approval from NSE (National Stock Exchange of India Ltd), to acquire equity shares aggregating up to Rs 284.40 crore in the stock exchange through an off market transfer from FIH Mauritius Investments.
The company does not intend to acquire control of the management or of the target entity, IIFL Finance insisted.
The deal would be completed within one month, subject to completion of conditions precedent. With this, IIFL Finance would acquire 0.18 per cent stake in NSE. The deal values NSE at Rs 1,58,000 crore.
Since IIFL Finance would acquire equity shares of NSE Limited from FIH Mauritius Investments Ltd, the transaction would fall under related party transaction. The transaction is on arm’s length basis, it said.
“FIH is a related party of the company as per Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,” IIFL Finance said.
IIFL Finance said its promoter, promoter group or group companies of the company have no interest in the shares being acquired.
“The equity shares are proposed to be acquired through secondary market purchase and shall form part of current investment of the Company with view to reap the long term/ short-term investment benefits,” IIFL Finance said.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.