IIFL Wealth Management to transfer distribution, PMS Business to subsidiaries

18 Nov 2019 Evaluate

IIFL Wealth Management has received an approval for transfer of distribution business of the company on a 'slump sale' basis, to IIFL Wealth Finance, a wholly-owned subsidiary of the company, for a lump sum consideration which shall not be less than the net book value (subject to necessary adjustment of working capital) of the distribution business and on such terms as may be determined by the Board (Distribution Business Transfer). The Board of Directors of the company at their meeting held on November 15, 2019, approved the same.

The Board has also given an approval for transfer of portfolio management services business (PMS Business) of the company on a 'slump sale' basis to IIFL Alternate Asset Advisors, a wholly-owned subsidiary of the company.

IIFL Wealth Management engages in the retail of financial products and services in India.

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