Bain Capital to acquire 25% stake in IIFL Wealth Management for Rs.3,680-Cr

Bain Capital (via BC Asia Investments X Limited) is to acquire a 24.98% equity stake in Mumbai-based, publicly listed IIFL Wealth Management for around INR 3,679.95 crore. The shares will be acquired from existing PE investors, General Atlantic Singapore Fund Pte Ltd and FIH Mauritius Investments Ltd, a wholly-owned subsidiary of Fairfax India Holdings Corporation. Bain Capital will acquire 2,21,55,000 equity shares in the company at INR 1,661 per share. (IIFL Wealth shares closed on March 31 at INR 1,671.30 per share on the BSE.) JP Morgan acted as the exclusive sell-side financial advisor on the transaction. Axis Capital and NovaDhruva acted as financial advisors to Bain Capital. IIFL Wealth has about 900 employees and a presence in 4 major global financial hubs and 23 locations in India.