Shares of IIFL Securities gain after bulk deal

Fairfax Financial Holdings offloaded 5.89% stake in IIFL Securities on August 16.

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Shares of IIFL Securities were trading higher by less than 1 percent in early trade on August 17, a day after Fairfax Financial Holdings offloaded its 5.9% stake in the brokerage firm through open market transactions.

Aalidhra Textool Engineers, Zafar Ahmadullah and Theleme India Master Fund acquired the shares.

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Fairfax Financial Holdings-owned Hamblin Watsa Investment Counsel Limited sold 60 lakh shares or 1.96 percent stake at an average price of Rs 65.67 per share and another 1.2 crore equity shares at an average price of Rs 65.45 per share. Fairfax Financial Holdings is a foreign portfolio investor.

Additionally, Aalidhra Textool Engineers bought 32.05 lakh shares on the BSE, Zafar Ahmadullah brought 40 lakh shares on the NSE, and Theleme India Master Fund purchased 80 lakh shares of IIFL in the NSE, at an average price of Rs 65.45 per share.

Mumbai-based IIFL Securities recently reported a 71.3 percent year-on-year increase in net profit to Rs 74.7 crore for the June quarter. Revenue also grew by 40.3 percent to Rs 409.1 crore for the same period. The total brokerage revenue also grew by 22 percent year-on-year to Rs 176.6 crore.

Also read: SAT stays Sebi ban on IIFL Securities from adding clients

IIFL Securities along with its subsidiaries offers advisory and broking services, financial products distribution, institutional research and investment banking services. On June 27, The Securities Appellate Tribunal (SAT) on June 27 stayed a Securities and Exchange Board of India order against IIFL Securities over misusing client funds. Under the order, IIFL Securities from accepting new clients for two years.

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