Shares of IIFL Finance were trading in the green and 1% higher on 16 November after the company board approved plans to invest Rs 200 crore in its subsidiary, IIFL Samasta Finance Limited, by way of subscription of equity shares.
The Board of Directors of the company held a meeting on 15 November and approved the investment by subscription of about 7.48 crore fully paid-up equity shares at Rs 26.74 per share having a face value of Rs 10.
The money that will be raised through the investment in IIFL Samasta Finance Limited will be used to support the expansion, improve capital adequacy, and reduce gearing.
IIFL Samasta Finance provides affordable financial products to women from unbanked sections of society. The company has operations in both rural and urban areas across 22 states in the nation.
Over a period of six months, the shares of IIFL Finance have given a return of 42.78% against the benchmark Nifty index and have gained 7.60% throughout the same duration.
At 1:42 am, the shares of IIFL Finance were trading 0.17% higher at 633.50 on NSE.