IIFL Accounting
IIFL Home Finance, a subsidiary of IIFL Finance, has said it intends to use the extra capital to meet growing home loan business demand and enter new markets, as market forecasts suggest that real estate sales in India will fall due to rising interest rates.
Rs 52,000 crore loan business
IIFL Accounting has a credit turnover of about Rs 52,000 crore and a market capitalization of Rs 12,500 crore. This investment can not only increase the business of the company but also increase the market value.
IIFL Home Accounting
IIFL Home Finance, meanwhile, has a credit worth Rs 24,000 crore and a market cap of Rs 11,000 crore. The Abu Dhabi Investment Authority (ADIA) has decided to buy a 20% stake in the company for around Rs 2,200 crore.
7.57 percent increase
Shares of IIFL Finance rose 7.57 per cent to Rs 353.90 in Friday’s trade. While confirming the agreement, Nirmal Jain, Chairman, IIFL Group, said ADIA offers a long-term commitment and rich experience in supporting emerging businesses.
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230 branches
IIFL Home Finance has 168,000 customers with 230 branches in India. The company also offers small home loans, anti-property loans and construction finance.
Green buildings
It also promotes the construction of affordable greenhouses with home developers and experts through the Kutumb platform, which was created to reduce carbon emissions and provide low-cost structures.
