IIFL Holdings Ltd. unit IIFL Wealth Management Ltd. is seeking to acquire an 80% stake in Chennai, India-based private wealth manager Wealth Advisors (India) Pvt. Ltd., The Economic Times reported Aug. 8, citing a source close to the deal.

The source said IIFL Wealth Management is in talks to acquire the stake in a deal that would value Wealth Advisors at 5 billion rupees.

Executives from both companies declined to comment on the matter.

As of May 31, Wealth Advisors manage assets under advisory of 102.17 billion rupees, according to its website.

As of Aug. 7, US$1 was equivalent to 68.65 Indian rupees.