IIFL Securities Closes 5% Higher On Debut
IIFL Holdings announced to demerge its finance, wealth and capital business into three separate entities and list them on bourses.
IIFL Securities Ltd. hit an upper circuit of 5 percent on BSE to close at Rs 43.70 on its debut trade after demerger.
The scrip opened the day at Rs 41.65 on the BSE. The shares of the company rose 5 percent to close at Rs 23.10 -- its upper price band on NSE. Earlier, it had started off trade at Rs 22.
The company's market valuation was at Rs 1,395.05 crore on the BSE. Last year, financial services firm IIFL Holdings announced to demerge its finance, wealth and capital business into three separate entities and list them on bourses.
IIFL Securities has a legacy of about two decades in retail and institutional broking, investment banking and financial products distribution, according to a company release.
It is present in 2,500 locations across 500 cities in India, with a significant presence in Tier 2 and Tier 3 cities, it added.