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IIFL Finance jumps as its arm enters into co-lending arrangement with PNB

IIFL Finance jumps as its arm enters into co-lending arrangement with PNB

IIFL Finance is currently trading at Rs. 282.75, up by 2.90 points or 1.04% from its previous closing of Rs. 279.85 on the BSE.

The scrip opened at Rs. 273.20 and has touched a high and low of Rs. 284.50 and Rs. 269.95 respectively. So far 66721 shares were traded on the counter.

The BSE group ‘A ‘ stock of face value Rs. 2 has touched a 52 week high of Rs. 346.55 on 17-Mar-2021 and a 52 week low of Rs. 74.00 on 30-Oct-2020.

Last one week high and low of the scrip stood at Rs. 322.80 and Rs. 269.95 respectively. The current market cap of the company is Rs. 10702.51 crore.

The promoters holding in the company stood at 24.95%, while Institutions and Non-Institutions held 22.04% and 53.01% respectively.

IIFL Finance’s subsidiary company — IIFL Home Finance has entered into a co-lending arrangement with Punjab National Bank (PNB), and aims to grow its loan book by 25 per cent from such partnerships. This is the fourth co-lending agreement signed by the company with banks. The loan sourcing and servicing will be managed by IIFL Home Finance and 80 per cent of the loan will be provided by PNB. It expects to grow the loan book by 25 per cent with these associations.

The company will service customers through the entire loan cycle, from sourcing, documentation, collection to loan servicing. It aims to penetrate into affordable housing loans and secured MSME loans, besides strengthening its portfolio.

IIFL Finance is an Indian diversified financial services company.