Mumbai, 20 September 2019: The shares of IIFL Securities were listed Friday on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) at Rs 41.65 and closed with a marginal gain of 2.04 per cent at Rs 42.50. Total 7.62 lakh shares changed hands on the debut day on the BSE.
The IIFL Securities’ listing follows the decision to reorganise the IIFL group which was taken at the board meeting of IIFL Finance (formerly IIFL Holdings, parent company), held on January 31, 2018. As a result of this reorganisation, two more companies were carved out of IIFL Finance namely; IIFL Wealth and IIFL Securities. The reorganisation became effective from May 13, 2019.
As per the arrangement, for every seven shares of IIFL Holdings — the listed company — a shareholder received seven shares each of IIFL Finance and IIFL Securities, and one share of IIFL Wealth.
The management had said this move is aimed at enabling each business to grow faster, attract the right talent and become more innovative and efficient. In addition, the shift from close-knit conglomerate to separate entities will ensure simpler regulatory compliance, enhanced value for stakeholders along with more synergistic benefits.
R Venkataraman, MD, IIFL Securities, said, “We would further diversify our revenue streams and continue reducing revenue volatility and increase our retail wallet share by offering customised solutions and financial planning. We have increased our focus on the mass affluent segment where there is enormous potential.”
IIFL Securities, one of India’s largest independent full-service broking firms, was listed today on the National Stock Exchange and Bombay Stock Exchange. IIFL Securities was a part of IIFL Finance (erstwhile IIFL Holdings) and was demerged as part of the reorganisation of the group.
The company reported a net profit of Rs 171 crore for the year ended March 31, 2019, on revenue of Rs 876 crore. In Q1 FY20 the company reported a profit of Rs 125 crore on an income of Rs 185 crore.