IIFL Wealth Management, an asset management subsidiary of India-listed financial services company IIFL Holdings, has agreed to sell a 5.1 percent stake for INR7.5 billion (approximately US$109 million) to global growth equity fund manager General Atlantic, family office Rimco, strategic investor HDFC Standard Life Insurance and hedge fund managers Ward Ferry, Amansa Holdings and Steadview. IIFL Wealth will issue 4.5 million new shares at a price of INR1,661 (approximately US$24.37) per share. The transaction is subject to shareholder and regulatory approval.