Bain Capital acquires IIFL Wealth: Bain Capital has agreed to buy 24.98 per cent stake in IIFL Wealth Management for Rs 3,679.95 crore. The stake will be bought from IIFL Wealth’s existing private equity investors General Atlantic and Prem Watsa’s Fairfax Holdings. Wealth Management Company has given this information in a regulatory filing.
The deal will be done at Rs 1,661 per share.
The Boston, Massachusetts-headquartered company will buy shares from General Atlantic Singapore Fund and FIH Mauritius Investments, a wholly-owned company of Fairfax India Holdings Corporation, at Rs 1,661 per share, according to an Economic Times report. For this regulatory and other necessary approvals will have to be taken.
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Bain Capital’s investment is proof of our capability: MD
Karan Bhagat, MD & CEO, IIFL Wealth Management said, “Bain Capital’s investment is a testimony to our strong leadership in its financial services and the ability of our team to grow and grow business.”
General Atlantic had bought 21.6 per cent stake in the company in October 2015 for Rs 1,122 crore. India-born Prem Vats-led Fairfax first invested in it in 2011, when it bought a 9 per cent stake from Hamblin Watts Investment Council Fund. The fund currently holds around 13.6 per cent stake in the company.
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IIFL Wealth is India’s premium brand
Pawan Singh, MD, Bain Capital said, “We are delighted to be associated with Karan, Yatin and the management team of IIFL Wealth. They have built a premium brand of wealth and asset management in India through innovation, customer service and consistent performance.”
Company offers solutions to the rich
Established in 2008, according to IIFL Wealth’s website, the company offers solutions to the wealthy, family offices and institutional clients. The Mumbai-based company has over $44 billion in assets under management. IIFL Wealth has 850 employees and a presence in 4 major global financial hubs and 23 locations in India.
The company manages wealth and assets for the wealthy and family offices. JPMorgan acted as financial advisor to the deal. Axis Capital and Novadhruva acted as financial advisors to Bain Capital.
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