IIFL Wealth Management on April 24 said it has completed the acquisition of 100 percent equity shares of L&T Capital Markets (LTCM), a wholly-owned subsidiary of L&T Finance Holdings.
LTCM provides wealth management services for individual and institutional clients.
The acquisition was for a total cash consideration of Rs 230 crore plus available cash balance of LTCM.
"The acquisition was consummated on April 24, 2020, after receiving requisite regulatory approvals," said IIFL Wealth in its BSE filing.
IIFL Wealth Management is the investment and financial advisor to more than 5,600 influential families in the high net worth individuals (HNI) and ultra HNI segments in India and abroad, with aggregate assets of more than $24 billion under management.
L&T Capital Markets has assets under advice at Rs 20,807 crore as on April 21.
"The completion of an important acquisition in these unprecedented times will further fortify our position in wealth management. The LTCM acquisition will further strengthen our offerings and geographical reach besides increasing our assets under management," Karan Bhagat, MD & CEO at IIFL Wealth Management said.
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