IIFL Wealth declares ₹17 per share dividend, 1:1 bonus share and stock split

The company informed the stock exchanges saying that its board of directors has considered and approved the same.One) 4th Interim Dividend for the Financial Year 2022-23 Rs. 17/- (Rupees Seventeen only) per Equity Share of face value of Rs. 2/- (Rupees Two only) and has fixed the record date as Monday, the 30th January, 2023 for this purpose. The said interim dividend will be paid/remitted on or before Saturday, February 18, 2023, subject to applicable taxes; B. Sub-division of each existing equity share of face value of Rs. 2/- (Rupees Two only), in 2 (two) Equity Shares of face value each. 1/- (Rupee One only) each fully paid up and subject to the approval of the shareholders of the company by means of a special resolution and any other approval(s) in the Memorandum of Association and the consequential changes to the Articles of Association of the company(s) concerned regulatory authorities; C. Increase in the authorized share capital of the company from Rs. 26,53,00,000/- (Rupees Twenty Six Crore Fifty Three Lakh only) to Rs. 50,00,00,000/- (Rupees Fifty Crore only) divided into equity shares of face value of Rs.50,00,00,000/- (Fifty Crore only). 1/- (Rupee One only), as adjusted for sub-division of equity shares of face value. 1/- (Rupee One only) each and the consequential change in clause V(a) of the Memorandum of Association of the company, subject to the approval of the shareholders of the company through an ordinary resolution and any other approval of the concerned regulatory authority; D. Issue of 1 (one) Bonus Equity Share of the Company of Face Value Re. 1/- (Rupee One only) for every fully paid-up Equity Share of 1 (one) face value. 1/- (Rupee One only) each (i.e. adjusted for sub-division of equity shares of the Company) subject to approval by way of special resolution of the shareholders of the Company and any other approval of the concerned Regulatory Authority.”

Commenting on the Q3 performance, Mr. Karan Bhagat, MD & CEO, 360 ONE WAM said, “The global macro environment remains moderate with high inflation and interest rates questioning growth in the near term. Volatility has occurred across all asset classes in the U.S. While we remain cautiously optimistic in the near term, the breadth of our product offering and advisory expertise enables clients to maintain an optimal asset diversification strategy and navigate the volatility of the current investment landscape. helps.”

“During the quarter, we transformed ourselves into “360 One”, an embodiment of two words that are extremely important to us – ‘360’ representing the holistic view that we take as ‘one’ individual Whose interests always come first: our customers. For the quarter, despite a weak global geopolitical and macro environment, our annualized recurring revenue assets saw healthy net inflows. 10,386 Crore and ARR stood at AUM 166 thousand crores which is 20% more than last year,” he said.

“The current quarter has witnessed strong profit after tax (PAT) 180 crores. Our retention remained healthy with Wealth Management retention at 56 bps, Asset Management retention at 83 bps and Aggregate retention at 62 bps. Also, our cost of income remains stable at ~45% in the current quarter as we continue to focus on all expense items. We strongly believe that India’s long-term inclusive growth story holds the wealth management industry in good stead, supported by increasing momentum in Tier 2 cities, inter-generational wealth transfer and continued monetization developments. “We are well-positioned to optimally leverage these trends and lead the industry with our advisory proposition and leadership in alternative investment offerings,” said Mr. Karan Bhagat.

“This quarter, our tangible ROE further improved to 29%. We are pleased to report our fourth interim dividend 17 and remain committed to our dividend pay-out strategy. In addition, we have also proposed share split and bonus issue in the ratio of 1:1 respectively, subject to the approval of the shareholders,” added Mr. Karan Bhagat.

Shares of 360 One WAM (formerly known as IIFL Wealth Management Ltd.) closed at NSE today. 1,932 each, down 0.42% from the previous close 1,940.10. The stock registered a total volume of 396,090 shares as compared to the 20-day average volume of 53,682 shares.