IIFL Holdings is way up among the top three gainers on the BSE since the opening bell. The stock price has surged almost 8.5% to Rs.451.
The company announced today morning that the National Company Law Tribunal (NCLT) Bench at Mumbai approved the Composite Scheme of Arrangement amongst IIFL Holdings Limited, IIFL Distribution Services Limited, IIFL Wealth Management Limited, India Infoline Limited, India Infoline Finance Limited, India Infoline Media and Research Services Limited.
What this means in simple parlance for the investors is that these companies are being demerged and this in turn means that three of them - IIFL Finance, IIFL Wealth and IIFL Securities will get listed on the bourses within 60 days.
As per the scheme, shareholders of IIFL Holdings, for every 7 shares held will get seven shares each of IIFL Finance and IIFL Securities, and one share of IIFL Wealth.