India’s IIFL Wealth Management has acquired 100% of the equity of L&T Capital Markets (LTCM).
The wholly-owned subsidiary of L&T Finance Holdings provides wealth and management services to individual and institutional clients.
In addition to its offices across India, according to the Dubai International Financial Centre (DIFC) website, L&T Capital Markets (Middle East) has had a presence in the financial free zone since July 2018.
Terms of the acquisition
The deal was first announced in August 2019 but was subject to regulatory approvals, which have been granted.
It sees IIFL pay a total cash consideration of INR230 crore (£24.3m, $30.2m, €27.9m) plus the available cash balance of LTCM.
Karan Bhagat, managing director and chief executive of IIFL Wealth Management, said: “As peers in the business, we’ve had high regards for the enterprising team at LTCM.
“Moreover, we share a common culture, which will ensure alignment of interest of our team, clients and stakeholders.”
IIFL is a finance and investment company serving high and ultra-high net worth individuals in India and overseas.
