IIFL SECURITIES LIMITED

IIFL is a financial services conglomerate which was started by a group of passionate entrepreneurs in 1995. The genesis of IIFL lies in the power of dreaming big and believing in your dreams. IIFL is a key player in both retail and institutional segments with 4% share of daily cash turnover. Our strength has been to continuously innovate and reinvent ourselves with strong digital footprint. The company is a leading player in the broking industry with more than a million accounts being opened since inception. The company provide execution, advisory and research service across products like equity, F&O, Commodity& Currency and Mutual Funds. The company also of the top distributors of AIF products, mutual funds. IIFL serves more than 4 million satisfied customers across various business segments and is continuously building on its strengths to deliver excellent service to its expanding customer base. Very limited financial data is available for company, RoNW is 23.73% and at CMP its looks fairly priced. Price difference is around 25% and acceptance ration as per current share holding for retail will be around 10%, so we may expect the final acceptance ratio may be around 20% and profit may be 5%. So we give AVOID rating to this buyback.