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Last Updated : Sep 20, 2019 10:36 AM IST | Source: Moneycontrol.com

IIFL Securities debuts at Rs 22, freezes at 5% upper circuit on NSE

Promoters hold 29 percent stake in IIFL Securities, while 35.4 percent is held by Fairfax and the rest is by others.

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Shares of IIFL Securities, the demerged entity from IIFL Finance (erstwhile IIFL Holdings), started off trade at Rs 22 on the National Stock Exchange on September 20.

The stock was locked at 5 percent upper circuit at Rs 23.10 in the opening trade itself. On the BSE, it was frozen at 5 percent lower circuit at Rs 39.60 after opening at Rs 41.65.

In terms of volumes, IIFL Securities traded with volumes of 42,537 shares on the NSE and 1,295 shares on the BSE.

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IIFL Securities shares are available in trade for trade (T to T) segment for 10 trading days from the date of commencement of trading.

In March, the National Company Law Tribunal had sanctioned the Composite scheme of arrangement among IIFL Finance, India Infoline Media & Research Services, IIFL Securities, IIFL Wealth Management, India Infoline Finance, IIFL Distribution Services, and their respective shareholders.

As per the scheme, the assets and liabilities related to the securities business undertaking and wealth business undertaking, had transferred to IIFL Securities and IIFL Wealth, respectively, at values in the books of accounts of IIFL Finance as on the appointed date April 1, 2018.

In June, IIFL Securities allotted one fully paid up equity share of Rs 2 each of itself for every one fully paid up equity shares of Rs 2 each held by shareholders of IIFL Finance.

IIFL Finance was quoting at Rs 103.05, down Rs 4.10, or 3.83 percent, and IIFL Wealth Management was locked at 5 percent upper circuit again, at Rs 1,323 on the BSE at 1015 hours.

IIFL Securities has four subsidiaries—IIFL Capital, IIFL Facilities Services, IIFL Management Services and IIFL Insurance Brokers.

Promoters hold 29 percent stake in IIFL Securities while 35.4 percent is held by Fairfax and the rest is by others.

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First Published on Sep 20, 2019 10:36 am
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