General Atlantic Singapore Fund Pte. Ltd, a fund of General Atlantic LLC, completed the acquisition of 21.61% stake in IIFL Wealth Management Ltd. from the senior management and employees of IIFL Wealth Management Ltd.
April 06, 2016 at 12:00 am EDT
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General Atlantic Singapore Fund Pte. Ltd, a fund of General Atlantic LLC, entered into share purchase agreement to acquire 21.61% stake in IIFL Wealth Management Ltd. from the senior management and employees of IIFL Wealth Management Ltd. for INR 1.6 billion on October 24, 2015. In a related transaction, IIFL Wealth Management Ltd. announced a private placement with General Atlantic LLC, for 1.7 million equity shares at INR 586.70 per share and 13.6 million warrants at INR 158.225 per warrant for total gross proceeds of INR 3.1 billion on October 24, 2015. As a result of these transactions, General Atlantic will obtain 21.6% stake in IIFL Wealth Management. Under the terms of the transaction, Karan Bhagat, Yatin Shah and Amit Shah will sell a total of 1.65 million shares of IIFL Wealth Management and other employees of IIFL Wealth Management will sell up to 1.07 million shares. The employees will sell 2.7 million shares for INR 586.7 each.
The transaction is subject to approval of shareholder of IIFL Holdings Limited, ultimate parent of IIFL Wealth Management, approval of Board of Directors and shareholders of IIFL Wealth Management, execution of transaction documents, issuance of private placement offer letter to General Atlantic Singapore and increase of the authorized share capital of IIFL Wealth, receipt of regulatory approvals, receipt of approval from Reserve Bank of India, and sellers obtaining a no-objection certificate from a chartered accountant in lieu thereof. The transaction was approved by the Board of Directors of IIFL Holdings Limited. As of December 1, 2015, 99.11% of the shareholders of IIFL approved the transaction. As of January 7, 2016, the transaction was approved by the Competition Commission. As on February 11, 2016, the transaction has received No Objection Certificate from Securities and Exchange Board of India. As of February 26, 2016, the employees have sold 1.9 million shares. On March 30, 2016, the company approved conversion of 136 million warrants into equity shares and allotted 136 million equity shares to General Atlantic Singapore Fund Pte. Ltd., at an exercise price of INR 589.46 per share.
Haigreve Khaitan, Arindam Ghosh, Aakash Choubey, Abhishek Sinha, Pooja Patel, Moin Ladha, Vatsal Gaur, Tanushree Bhuwalka, Nidhi Modani, Siddharth Anand, Avaantika Kakkar, Anshuman Sakle, Daksha Baxi and Shivangi Singh of Khaitan & Co. acted as legal advisors for General Atlantic LLC. Vandana Pai Bharucha and Justin Bharucha of Bharucha & Partners acted as legal advisors for General Atlantic LLC.
General Atlantic Singapore Fund Pte. Ltd, a fund of General Atlantic LLC, completed the acquisition of 21.61% stake in IIFL Wealth Management Ltd. from the senior management and employees of IIFL Wealth Management Ltd. on April 6, 2016. As part of transaction, employees transferred 0.79 million shares to General Atlantic.
360 ONE WAM Limited, formerly IIFL Wealth Management Limited, is an India-based company that is primarily engaged in wealth and asset management services, including financial asset distribution, broking, lending, credit and investment solutions, and asset and portfolio management. The Companyâs segments include Wealth Management and Asset Management. The Wealth Management segment comprises distribution of financial products, advisory, equity and debt broking, estate planning and managing financial products essentially in the nature of advisory. The Wealth Management segment also includes lending and investment activities, which are complementary to wealth management activities and provided to or arise from servicing its clients under wealth management. The Asset management segment generally comprises management of pooled funds under various products and structures, such as mutual funds, alternative asset funds, portfolio management and related activities.
General Atlantic Singapore Fund Pte. Ltd, a fund of General Atlantic LLC, completed the acquisition of 21.61% stake in IIFL Wealth Management Ltd. from the senior management and employees of IIFL Wealth Management Ltd.
360 ONE WAM LIMITED 
