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India Infoline acquires 0.93% equity shares of IIMSL

11 Jan 2012 Evaluate

India Infoline has acquired 0.93% equity shares of India Infoline Marketing Services (IIMSL) held by Bennett, Coleman & Company, thereby making IIMSL its wholly owned subsidiary (WOS). The board at its meeting held on January 10, 2012 has considered and taken the note of the above.

The board has also approved the merger of IIMSL with the company pursuant to section 391 to 394 of the Companies Act, 1956 and subject to necessary regulatory and court approvals. The appointed date of the merger is April 1, 2011 and as IIMSL is WOS of the company, the proposed merger will not involve any consideration.

Further, the board noted the acquisition of 371,151 equity shares of India Infoline Finance, the NBFC subsidiary of the company by Bennett, Coleman & Company.

India Infoline offers financial services ranging from equities, derivatives, commodities, wealth management, asset management, insurance, fixed deposits, loans, investment banking, GoI bonds and other small savings instruments.

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