IIFL Finance stock plunges 6% after Rs 1,358-crore block deal
Shares of IIFL Finance slumped over 7 percent in the opening trade on December 22 after a block deal worth Rs 1,358 crore took place in the counter.
Around 2.4 crore shares, representing a 6.5 percent stake in the company, changed hands on the exchanges at an average price of Rs 555 each. The floor price of the block deal was at a discount of around 7 percent to the stock's Thursday closing price of Rs 595.15.
After market opening, IIFL Finance's shares were experiencing a nearly 6 percent decline, trading at ₹560.10 on the NSE. The block deal not only influenced the stock price but also led to a substantial surge in trading activity, with 3 crore shares exchanging hands on the exchanges. This figure is notably higher than the one-month daily traded average of 6 lakh shares.
According to sources reported by CNBC-TV18, the private equity firm Fairfax participated as one of the sellers in the block trade that took place today.
In this block deal, Fairfax divested slightly over 5.2 percent of its equity, while the buyers included long-only funds and certain domestic institutional investors, as mentioned in the report.
Around 2.4 crore shares of IIFL Finance, translating into 6.5% of the total equity of the company exchanged hands in a block deal valued at ₹1,358 crore, as per the report.
Based on the most recent shareholding data of the company, Fairfax initially held a 20.89 percent stake, which is anticipated to reduce to approximately 15 percent following the completion of the block deal. The CNBC-TV18 report also affirmed that the private equity firm is committed to retaining the remainder of its outstanding stake in IIFL Finance.
IIFL Finance stock plunges 6% after Rs 1,358-crore block deal
