IIFL Holdings Ltd. plans to reorganize and segregate its business into three listed companies for three its business lines.
The reorganization will result in three listed entities: IIFL Finance, IIFL Wealth and IIFL Securities. IIFL Finance will focus on retail lending and digital delivery, while IIFL Wealth will focus on providing financial services to domestic high-net-worth individuals and other financial advisory services, the company said Jan. 31. IIFL Securities will offer securities related products.
The reorganization process requires multiple approvals and can take 10 to 12 months, the company noted.
Meanwhile, the company appointed R. Venkataraman managing director of India Infoline Finance Ltd., effective Feb. 1. Venkataraman is taking over from Rajashree Nambiar, who resigned from the company's board and as CEO of India Infoline Finance.
IIFL Holdings also plans to change the name of India Infoline Ltd. to IIFL Securities Ltd., subject to regulatory approvals.
