IIFL Wealth Management shares debuted at Rs 1,210 on the National Stock Exchange on September 19, against previous close of Rs 417.45 derived after demerger.
The stock was locked at 5 percent upper circuit at Rs 1,270.50 on the NSE while it froze at Rs 1,260 on the BSE, up 5 percent against opening price of Rs 1,200.
On the volume front, IIFL Wealth traded with volumes of 1.55 lakh shares on the NSE and 36,000 shares on the BSE.
IIFL Wealth shares are available in trade for trade (T to T) segment for 10 trading days from the date of commencement of trading.
In March this year, the National Company Law Tribunal had sanctioned the Composite scheme of arrangement amongst IIFL Finance (formerly known as IIFL Holdings), India Infoline Media & Research Services, IIFL Securities, IIFL Wealth Management, India Infoline Finance, IIFL Distribution Services, and their respective shareholders.
As per the scheme, the assets and liabilities related to the securities business undertaking and wealth business undertaking, had transferred to IIFL Securities and IIFL Wealth, respectively, at values in the books of accounts of IIFL Finance as on the appointed date April 1, 2018.
In June 2019, IIFL Wealth had allotted one fully paid up equity shares of Rs 2 each of itself for every seven shares held by the shareholders of IIFL Finance.
IIFL Finance shares were trading at Rs 112.80, down 0.62 percent at the time publishing this copy.
IIFL Securities shares will be listed on bourses on September 20.
news Source:- moneycontrol