General Atlantic Picks Up 21.6% Stake In IIFLW

• Global private equity major General Atlantic Singapore has acquired 21.6 per cent stake in IIFL Wealth Management (IIFLW) for a consideration of Rs 1,122 crore.
• A stock exchange announcement by IIFL Holdings after its board meeting said that the company has decided to issue 1.7 million equity shares worth Rs 100 crore and would issue 13.63 million warrants worth Rs 863 crore to General Atlantic Singapore Fund Pte.
• While this aggregates to a total investment of Rs 1,122 crore by General Atlantic in IIFL Wealth, it would result into a holding of 21.6 per cent in the company after the consummation of the deal. As a result of the stake sale, IIFL Holding’s stake in IIFL Wealth would come down from 76.79 per cent now to 53.86 per cent.
• “The proposed transaction would enable IIFLW with additional capital for its business operations and general corporate purposes as well as for growth and expansion of the business,” said IIFL Holdings in BSE filing.
• IIFL Holdings is the holding company for the entire IIFL group and has interests across various financial services, including broking, investment banking, asset management and lending.
• In another development, Canada-based Fairfax India Holdings Corporation plans to acquire 26 per cent stake in IIFL Holdings for an expected over Rs 1,500 crore through a voluntary open offer in December this year.

Kanoria Africa Textiles sets up plant in Ethiopia

• Kanoria Africa Textiles, a subsidiary of Kanoria Chemicals & Industries Ltd, has set up an integrated plant at Bishoftu in Ethiopia to manufacture denim fabric.
• The plant was inaugurated by Prime Minister of Ethiopia Hailemariam Desalegn. “Kanoria Africa Textiles plc is setting up an integrated Denim project in Ethiopia, which is the first such project in East Africa.