Karan Bhagat has good reason to smile. He holds around 6% in IIFL Wealth Management, which is valued at Rs 5,000 crore after global equity investment fund General Atlantic picked up a 21.6% stake. For a company which is less than a decade old, having Rs 100,000 crore worth of assets under management is a feat. Bhagat predicts that number will grow 30% year on year. Among the heavy hitters whose money IIFL Wealth manages are Vijay Shekhar Sharma, Kunal Shah, and Raghav Behl. Bhagat is happy to tap global networks, and the General Atlantic investment is nothing short of an international endorsement. But he is looking at it differently: General Atlantic’s presence will add more weight to IIFL Wealth, which will help in recruiting from elite campuses. Bhagat is also an angel investor in half-a-dozen startups across sectors. While he says they are just investments in friends’ ventures, he is quick to point out that their valuations are generally pretty decent. One of his pals says Bhagat just signs the cheque and doesn’t do a hard-nosed assessment. Bhagat’s latest play is not in an asset class but in a school. IIFL Wealth along with the Indian Chess School has been organising the Mumbai International Chess Tournament for the past two years.
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According to the exchange filing, DSP Healthcare fund, which was launched by DSP Mutual Fund, acquired 36,276 shares in Alembic Pharma to hike its stake in the company to 5.01%.
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The healthcare firm plans to split India and GCC (Gulf Cooperation Council) businesses into separate entities and divest gulf business for $1 billion.
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Aurobindo Pharma has received approval from USFDA to produce and trade Budesonide Inhalation Suspension
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Fairbridge Capital (Mauritius), which owns 72.34% stake in Thomas Cook India, plans to sell its 6.8% shares in the travel company via an offer for sale.
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