IIFL Wealth Management Limited entered into Share Purchase and Shareholders Agreement to acquire MAVM Angels Network Private Limited from its shareholders for INR 420 million.

IIFL Wealth Management Limited (NSEI:IIFLWAM) entered into Share Purchase and Shareholders Agreement to acquire 91% equity stake in MAVM Angels Network Private Limited from its shareholders for INR 420 million on July 25, 2022. Under the terms of agreement, the consideration shall be paid in cash and it includes any cash and cash equivalents on the balance sheet of MANPL on closing date. The SPSHA contains provisions pertaining to transfer of balance 9% (nine percent) shares by the other shareholder of MANPL inter-alia including right of first refusal, drag-along right and tag-along right.

MANPLæs turnover for the financial year 2021- 22 was INR 96.5 million. The Proposed Acquisition shall require prior approval of SEBI pursuant to SEBI (Alternative Investment Funds) Regulations, 2012. The transaction is expected to close in around 90 (ninety) days.