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Bain Capital has agreed to acquire 24.98% equity stake in IIFL Wealth Management ("IIFLWAM") from General Atlantic Singapore Fund and FIH Mauritius Investments, a wholly owned subsidiary of Fairfax India Holdings Corporation.
BC Asia Investments X will acquire 2,21,55,000 equity shares of IIFLWAM, constituting 24.98% stake, at Rs 1,661 per share, aggregating to Rs 3679.94 crore. The share purchase agreement was executed on 30 March 2022. The transaction is subject to regulatory and other customary approvals.
As on 31 December 2021, General Atlantic Singapore Fund held 21% and FIH Mauritius Investments held 13.64% in IIFLWAM.
Bain Capital is a leading global private multi-asset alternative investment firm.
IIFLWAM is one of the leading wealth and alternative asset managers in India with ~$44 billion in assets (as on 31 December 2021). The company serves the highly specialized and sophisticated needs of high net worth and ultra-high net worth individuals, family offices, and institutions through a comprehensive range of tailored solutions ranging across wealth management, asset management, lending solutions and estate planning.
IIFL Wealth Management's consolidated net profit rose 58.52% to Rs 152.94 crore on 22.53% increase in total income to Rs 570.62 crore in Q3 December 2021 over Q3 December 2020.
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