IDFC Bank has picked up a minority stake in IIFL Holdings for about Rs 503 crore. The bank bought about 1.5 crore shares at Rs 317 apiece, which is about 5% stake in the firm. The shares have been sold by JP Morgan, which held 5.13% stake in IIFL through an investment vehicle. IDFC Bank has acquiring stakes in financial services companies and so far, it has stakes in Grama Vidiyal Microfinance, Suryoday Small Finance Bank and ASA International India Microfinance. IIFL, earlier called India Infoline, has attracted investments from CDC Group, which has invested Rs 1,000 crore ($150 million) in the company. It has its business ranging from broking, non-banking finance, housing finance, wealth management, institutional equities, investment banking and insurance distribution, among other financial services.
