IIFL Wealth Management Ltd. announced a private placement of 1,704,449 equity shares at INR 586.70 per share and 13,635,589 warrants at INR 158.225 per warrant for total gross proceeds of INR 3,157,491,297.83 on October 24, 2015. The transaction will include participation from new investor, General Atlantic Singapore Fund Pte Ltd., fund managed by General Atlantic LLC. The company and the investor entered into a share subscription agreement for the transaction.

The warrants will carry a cap price of INR 632.90 per warrant. The company will receive 25% of the total proceeds from the warrants issue amounting to INR 2,157,491,069.53 as upfront payment as per the Securities Exchange Board of India (Disclosure and Investor Protection, Guidelines 2000) and the balance will be received at the time of exercise of warrants. The warrants will be exercisable into shares of the company within 18 months from the date of issue.

The investor may further acquire shares for proceeds of INR 1,593,400,000 from the employees of the company via a secondary transaction. On closing of all the transactions, the investor will hold 21.61% stake in the company on a fully diluted basis. The transaction was approved by the board of directors of the company and IIFL Holdings Limited.

The transaction is further subject to regulatory approvals and approvals from the shareholders of the company and IIFL Holdings Limited.