Shares of IIFL Finance gained 1.3 percent at the open on November 21, a day after credit agency CRISIL revised its outlook to positive. As of 9:20am on November 21, the stock was trading at Rs 616.
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In a regulatory filing, IIFL Finance announced that CRISIL had revised its outlook on the long-term debt instruments and bank facilities of IIFL Finance, from 'stable' to 'positive'. The agency has also reaffirmed the long-term rating at ‘AA’ and short-term rating at ‘A1+'. The positive outlook revisions have also been made for IIFL Finance subsidiaries - IIFL Home Finance Limited and IIFL Samasta Finance Limited.
The credit agency, in a November 20 release said that the outlook revision reflects the strengthening market position of IIFL Finance group and the expected sustained improvement in its profitability. "The ratings continue to be supported by the group’s comfortable capitalisation with improved
gearing, and its diversified portfolio with majority contribution from inherently less risky asset classes,” the release added.
Also read: IIFL Finance Q2 net profit rises 36% to Rs 397 crore
On November 16, the company announced that its board has agreed to the company investing Rs 200 crores in its material subsidiary IIFL Samasta Finance Limited by subscription of about 7.48 crore fully paid-up equity shares of face value of Rs 10 at Rs 26.74 apiece.
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