India's IIFL Wealth hits record high; Bain to buy stake

360 One Wam

31/03/2022 05:22

** Shares of Indian wealth management firm  IIFW.NS  jump as
much as 7.6% to hit a record high of 1,795 rupees
    ** IIFW marks biggest intraday pct gain since Nov. 12 in
third straight session of gains 
    ** Investment firm Bain Capital says https://bit.ly/3wN9BRX
 will buy 24.98% stake in IIFW from General Atlantic Singapore
Fund and FIH Mauritius Investments, a unit of Fairfax India
Holdings Corp
    ** Deal for about 36.80 bln rupees ($486.28 mln)
    ** More than 122,700 shares traded by 4 GMT, 1.7 times their
30-day avg
    ** Up to last close, IIFW stock had risen 17.5% this year
   
($1 = 75.6760 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))