IIFL Finance Limited has informed the Exchange regarding Notice of 30th Annual General Meeting to be held on July 18, 2025.
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IIFL Finance has notified the exchanges of its 30th AGM scheduled for July 18, 2025 at 11:30 a.m. via video conferencing, along with the FY2024-25 annual report. The agenda includes adoption of audited financial statements, re-appointment of Mr. T S Ramakrishnan, and noting the retirement of Mr. Arun Kumar Purwar who is not seeking re-appointment. Shareholders will also be asked to approve ₹12.26 crore remuneration to Managing Director Mr. Nirmal Jain for FY25, which exceeds statutory limits due to 'inadequacy of profits,' and re-appoint Mr. R Venkataraman as Joint Managing Director for another five years. Other key items include the appointment of Mr. Bibhu Prasad Kanungo as an Independent Director, M/s. Nilesh Shah & Associates as Secretarial Auditor for five years, and approval to raise up to ₹10,000 crore through non-convertible securities on a private placement basis. Six separate resolutions seek shareholder approval for material related party transactions with group entities including IIFL Home Finance (₹3,092 crore), IIFL Samasta Finance (₹5,181 crore), IIFL Capital Services (₹3,497 crore), IIFL Facilities Services (₹1,459 crore), IIFL Management Services (₹1,452 crore), and 5paisa Capital (₹1,046 crore). E-voting will be open from July 14 to July 17, 2025 with the cut-off date being July 11, 2025.
The MD's remuneration approval being sought due to 'inadequacy of profits' signals weak FY25 profitability, which shareholders should note before voting. The ₹10,000 crore NCD issuance plan indicates sizeable fundraising plans, while the multiple related party transactions highlight the interconnected nature of the IIFL group's operations.