IIFL Finance Board Approves Capital Increase and Preferential Issue

IIFL Finance Limited's Board of Directors has approved a significant increase in its authorized share capital from INR 971.05 Crore to INR 5,621.05 Crore. This includes a re-classification and alteration of the Memorandum of Association. Additionally, the Board has approved the issuance of 8,55,48,173 compulsorily convertible preference shares and 2,10,00,000 warrants via a preferential issue on a private placement basis. The total aggregate cash consideration for this preferential issue is INR 64,142.00 Crore (INR 64,142,00,146). Key allottees include Ingot SG Pte. Ltd., Anchorage Capital Schemes II and III, and promoters Nirmal Bhanwarlal Jain, Venkataraman Rajamani, and Ardent Impex Private Limited.