IIFL Finance share hits upper circuit after CDC Group sells 3.7% stake

IIFL Finance share hit upper circuit of 5% in early trade today after CDC Group Plc sold shares worth nearly Rs 337 crore in the finance firm through an open market transaction.

Share of IIFL Finance rose 5% to Rs 264.05 against previous close of Rs 251.50 on BSE.

Market cap of the firm rose to Rs 10,006 crore.

Total 2.25 lakh shares amounting to turnover of Rs 5.93 lakh changed hands on BSE.

The midcap stock gained 10.23% in the last 2 days. The stock opened with a gain of 4.99% today.

IIFL Finance stock trades higher than 5 day, 20 day, 50 day and 200 day moving averages but lower than 100 day moving averages.

The stock has gained 251.36% in one year and risen 132.13% since the beginning of this year.

CDC Group Plc, a public shareholder and the development finance institution owned by the UK government, held a 15.44% stake in IIFL Finance at the end of March 2021 quarter.

The group sold 1.4 crore shares at a price of Rs 240.64 apiece, bulk deal data on BSE showed.

The total deal is Rs 336.89 crore.

The transaction was done through two separate deals. Smallcap World Fund Inc and Abakkus Emerging Opportunities Fund-I bought shares of IIFL Finance worth Rs 140.06 crore and Rs 48 crore, respectively.