IIFL Securities, the demerged entity of IIFL Finance (formerly IIFL Holdings), charted different courses on the bourses on listing on Friday. While the stock closed at ₹42.5 on the BSE, after opening at ₹41.65, it ended at ₹23.1 on the NSE after moving in a range of ₹22 and ₹23.1.

Earlier, the board of directors had approved the reorganisation of IIFL group into three listed entities — IIFL Finance (loans and mortgages), IIFL Wealth (wealth and asset management) and IIFL Securities (capital markets).

According to the scheme approved by IIFL Holdings, the incumbent owner of seven shares of IIFL Holdings will be eligible to hold seven shares of IIFL Finance, seven shares of IIFL Securities and one share of IIFL Wealth once the spun off companies get listed.

IIFL Wealth Management shares debuted at ₹1,210 on the NSE on Thursday, they closed at ₹1,334 on Friday. On the BSE, IIFL Wealth closed at ₹1,323 on Friday.

IIFL Finance closed at ₹116.35 and at ₹116.8 on the BSE and the NSE, respectively.

In March this year, the National Company Law Tribunal had sanctioned the composite scheme of arrangement amongst IIFL Finance, India Infoline Media & Research Services, IIFL Securities, IIFL Wealth Management, India Infoline Finance, IIFL Distribution Services and their respective shareholders.

IIFL Securities, with about two decades in retail and institutional broking, investment banking and financial products distribution, has reported a net profit of ₹171 crore in fiscal FY19 on revenues of ₹876 crore. In Q1 FY20, the company reported a profit of ₹125 crore on an income of ₹185 crore.

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