In an exclusive development, sources told CNBC-TV18 that IIFL Capital Services may bring in a large private equity player as a strategic investor.

According to the sources, TPG Capital has emerged as the frontrunner to acquire up to 19.99% in IIFL Capital, while Bain Capital is also in the race for a significant stake.

The potential deal is likely to be valued at upwards of ₹2,500 crore, sources familiar with the discussions said. IIFL Capital’s business includes broking, investment banking, wealth management and financial product distribution.

Also Read : IIFL’s Rikin Shah sees bank margins stabilising by December quarter

CNBC-TV18 has reached out to IIFL Capital for a response, which is awaited. TPG Capital, when contacted, said it would not be able to comment on the query.

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