IIFL Finance Board Approves Capital Increase & Preferential Issue

IIFL Finance Limited's Board of Directors has approved a significant increase in authorized share capital from INR 971.05 Crore to INR 5,621.05 Crore. This includes an alteration to the Memorandum of Association, subject to shareholder approval. Additionally, the Board has approved a preferential issue of 8,55,48,173 compulsorily convertible preference shares and 2,10,00,000 warrants for an aggregate consideration of INR 6,414.20 Crore. Key allottees include Ingot SG Pte. Ltd. and Anchorage Capital Schemes, along with promoters Mr. Nirmal Bhanwarlal Jain and Mr. Venkataraman Rajamani. This move is subject to shareholder and regulatory approvals.