InvestorQ : Why IIFL Wealth acquired L&T Finance’s wealth management business?
Khushi Patel made post

Why IIFL Wealth acquired L&T Finance’s wealth management business?

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Isha Tharwani answered.
12 months ago

IIFL Wealth Group announced their step of entering into definitive agreement to acquire 100% equity shares of L&T Capital Markets. L&T Capital Markets is a wholly-owned subsidiary of L&T Finance Holdings. The deal of aquisition between IIFL Wealth and L&T Capital was for Rs 230 crore, plus cash and cash equivalent, As per one of the article by vvcircle.

This move is expected to favour IIFL Wealth's platform for more strength, expanding more towards high net-worth and ultra-high-worth families. Managing director of L&T Finance Holdings Ltd. shared his view over the benefits of acquisition that it can help to be a gateway for growth of the wealth management business, more products and services offered by the IIFL Wealth platform.

L&T Capital Markets Ltd (LTCM) brings product innovation, client assets worth over Rs. 24000 crore to the acquired company. Karan Bhagat, Founder, MD & CEO, IIFL Wealth Management Ltd. call the event as a successful step towards aligning with right partners in the business.

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Pranit Sharma answered.
12 months ago

Combinedeffort will further strengthen our reach andofferingforthe high net worth and ultra high net worth clients across India
ThisLTCM( L&T CapitalMarket) team bring product innovation, geographical spread, and client assets of more than Rs. 24,000 crores.
KARAN BHAGAT(Founder, MD & CEO, IIFL wealthmanagement Ltd.)

This move will help the wealth management business scale up further by accessing the broader repertoire of product and services offered by the IIFL Wealth platform, which will benefit the client and the team.
DINANATH DUBHASHI(MD & CEO,L&T Finance holding Ltd.