IIFL Finance Limited has informed exchanges regarding Annual Report for FY 2024-25 alongwith Notice of the AGM.
Awaiting price reaction for this filing.
IIFL Finance has submitted the notice for its 30th Annual General Meeting scheduled for Friday, July 18, 2025, at 11:30 a.m. via video conferencing, along with the Annual Report for FY 2024-25 (including the Business Responsibility and Sustainability Report). Shareholders will vote on 14 items, including adoption of audited financial statements, re-appointment of Mr. T S Ramakrishnan as Director, noting the non-reappointment of Mr. Arun Kumar Purwar, and ratification of ₹12.26 crore remuneration paid to Managing Director Mr. Nirmal Jain for FY25 (which exceeded statutory limits due to inadequacy of profits). Other key resolutions include re-appointment of Mr. R Venkataraman as Joint MD for 5 years, appointment of Mr. Bibhu Prasad Kanungo as Independent Director, appointment of M/s. Nilesh Shah & Associates as Secretarial Auditor for 5 years, and approval to raise up to ₹10,000 crore via Non-Convertible Securities on a private placement basis. The notice also seeks shareholder approval for material related party transactions with subsidiaries including IIFL Home Finance (₹3,092 crore), IIFL Samasta Finance (₹5,181 crore), IIFL Facilities Services (₹1,459 crore), IIFL Management Services (₹1,452 crore), IIFL Capital Services (₹3,497 crore), and 5paisa Capital (₹1,046 crore). Remote e-voting opens July 14, 2025 and closes July 17, 2025.
This is a routine AGM notice, but the large ₹10,000 crore NCD issuance proposal and the high related-party transaction limits with group entities are notable. The MD remuneration exceeding statutory limits signals weak profits in FY25, though management cites it as a one-off during a challenging period.