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As On 01-Jul-2022 EOD, Market Closed
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  • IIFL Finance spurts after ADIA buys 20% in IIFL Home

    IIFL Finance jumped 5.73% to Rs 347.85 after a wholly owned arm of Abu Dhabi Investment Authority (ADIA) invested Rs 2,200 crore for a 20% stake in IIFL Home Finance.

    IIFL Home Finance, a wholly owned subsidiary of IIFL Finance, is engaged in the business of providing home loans, loans against property and construction finance. The company has assets under management of Rs 23,617 crore as of 31 March 2022. It is headquartered in Gurugram with presence across 16 states and 2 union territories with over 200 branches.

    The deal completion is subject to regulatory approvals. IIFL Home Finance proposes to use the additional capital to continue its granular expansion strategy into new markets to address the significant and growing demand for housing loans.

    IIFL Home Finance has an active customer base of 168,000. It offers small-ticket housing loans, loans against property and construction finance. It also actively supports the construction of green affordable buildings in the country in collaboration with housing developers and other experts.

    Nirmal Jain, Founder, IIFL Group said, "The investment recognizes IIFL Home Finance's position as one of India's largest providers of affordable housing loans and how well it is placed to continue to target the large, resilient housing finance market."

    Monu Ratra, CEO, IIFL Home Finance said, "IIFL Home Finance has built a strong foundation and is at an inflection point as it leverages new strategies such as co-lending, foraying into more granular products and expanding reach across Tier II and Tier III regions."

    IIFL Home Finance said that affordable housing finance in India is a $150 billion+ market currently that is projected to grow rapidly over the next decade. The sector has seen disproportionate growth owing to an increase in mortgage penetration, rebound in property sales, government & regulatory initiatives, and developer consolidation among other factors and multiple players have emerged to take advantage of the large whitespace where banks have limited presence. IIFL Home Finance said it aptly addresses this segment's unique requirements with its low-cost penetration model and industry leading turnaround time stemming from efficient processes that are centered on a robust tech backbone.

    IIFL Finance is one of the leading retail-focused diversified NBFCs in India, engaged in the business of loans and mortgages along with its subsidiaries - IIFL Home Finance and IIFL Samasta Finance. IIFL Finance, through its subsidiaries, offers a wide spectrum of products such as home loans, gold loans, business loans, microfinance, capital markets finance and developer & construction finance to over 8 million customers.

    On a consolidated basis, the NBFC's net profit rose 29.60% at Rs 320.93 on 16.31% increase in total income at Rs 1,917.65 in Q4 FY22 over Q4 FY21.

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Flash News 01-Jul-2022
  •  ( 14:34) Nifty hovers at 15,650; Sensex drops 454 pts  
  •  ( 13:34) Barometers further pare losses  
  •  ( 13:11) Eicher Motors sells 6,307 CV units In June'22  
  •  ( 13:04) Ashok Leyland total sales soars 125% YoY in June  
  •  ( 12:37) Sensex drops 408 pts, RIL tumbles over 6%  
  •  ( 12:31) Atul Auto rises as June 2022 total sales jumps 151% YoY  
  •  ( 12:22) Tilaknagar Inds inks service agreement with Globus Spirits  
  •  ( 11:56) REC board recommends 1:3 bonus issue  
  •  ( 11:42) Nifty hovers over 15,600; breadth negative  
  •  ( 10:43) Bajaj Auto reports muted sales in June  
  •  ( 10:35) Nifty below 15,600; breadth remains positive  
  •  ( 10:20) Lupin gets US FDA nod for schizophrenia treatment drug  
  •  ( 09:48) Escorts Kubota tractor sales slide 20% YoY in June  
  •  ( 09:35) Hindustan Copper board OKs fund raising proposals  
  •  ( 09:35) Indices decline in early trade on negative global cues  
  •  ( 09:25) Market breadth was postive  
  •  ( 08:51) IRB Infra SPV gets completion certificate for UP road project  
  •  ( 08:31) Asian stocks trading lower  
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01 July 2022 00:00
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