IIFL Finance share price jumps 8% after Fairfax liquidity support: Top updates
Hindustan TimesIIFL Finance share price: IFL Finance shares recovered today as they rose over 8 per cent after falling 35 per cent in the last two sessions following the Reserve Bank of India's decision to stop the company from issuing gold loans. This comes after IIFL Finance said that Canadian billionaire Prem Watsa-backed Fairfax India Holdings Corporation agreed to provide $200 million liquidity support to the company. IIFL Finance share price: Check latest IIFL Finance share price here Fairfax India, that holds stakes in IIFL Finance and other IIFL group companies, said in a statement, “The RBI's embargo has raised liquidity concerns amongst the company's investors and lenders. In response to these concerns, Fairfax India has agreed to invest up to $200 million of liquidity support on terms to be mutually agreed upon and subject to applicable laws, including regulatory approvals.” At 9:30am, IIFL Finance shares traded at ₹409.80 on the National Stock Exchange which was up 7.2 per cent from the previous close.
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