IIFL Finance: Following a large block deal worth Rs. 1,358 crore, IIFL Finance shares fell more than 7% in early trading on December 22.
Approximately 2.4 crore shares, representing a 6.5 percent stake in the company, were traded on the exchanges at an average price of ₹555 each. Notably, the block deal’s floor price was set at a 7 percent discount to the stock’s closing price on Thursday, which was ₹595.15.
At 9:34 a.m., IIFL Finance’s shares were down nearly 6% on the NSE, trading at 560.10 rupees. The block transaction not only influenced the stock price, but it also resulted in a significant increase in trading activity, with 3 crore shares changing hands on the exchanges. This is significantly more than the one-month daily traded average of 6 lakh shares.
According to CNBC-TV18’s sources, the private equity firm Fairfax was one of the sellers in the block trade that took place today.
According to the report, Fairfax divested slightly more than 5.2 percent of its equity in this block deal, with buyers including long-only funds and certain domestic institutional investors.
According to the report, approximately 2.4 crore shares of IIFL Finance, representing 6.5% of the company’s total equity, were exchanged hands in a block deal valued at Rs. 1,358 crore.
IIFL Finance
According to the company’s most recent shareholding data, Fairfax initially held a 20.89 percent stake, which is expected to drop to around 15 percent following the completion of the block deal. According to the CNBC-TV18 report, the private equity firm is also committed to keeping the remainder of its outstanding stake in IIFL Finance.
The stock has dropped for the third day in a row, currently trading at ₹565.8, a 5% drop. The stock has dropped 14% in the last three trading sessions and has fallen in five of the last six.
