As per scheme approved by IIFL Holdings, the incumbent owner of seven shares of IIFL Holdings
will be eligible to hold seven shares of IIFL Finance, seven shares of IIFL Securities and one share of IIFL Wealth once the spin-off companies get listed. Under the new arrangement, while IIFL Wealth and IIFL Securities have been demerged -- the record date will be announced soon, IIFL Holdings will be renamed as IIFL Finance.
"Two of the three businesses, namely loans & mortgages and wealth & asset management have external private equity investors. They will now have price discovery and exit option on secondary markets, post listing and expiry of lock in periods," the management said.
It further added that independently listed businesses make it easier to forge a partnership with a strategic investor. "Besides, they would attract different sets of financial investors, helping the process of fair price discovery for all three businesses," IIFL said.