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India Infoline advances on acquiring 0.93% equity shares of IIMSL

11 Jan 2012 Evaluate

India Infoline is currently trading at Rs. 50.20, up by 0.15 points or 0.30% from its previous closing of Rs. 50.05 on the BSE.

The scrip opened at Rs. 50.90 and has touched a high and low of Rs. 50.90 and Rs. 48.50 respectively. So far 39163 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 91.20 on 29-Jun-2011 and a 52 week low of Rs. 42.80 on 02-Jan-2012.

Last one week high and low of the scrip stood at Rs. 50.90 and Rs. 43.55 respectively. The current market cap of the company is Rs. 1444.45 crore.

The promoters holding in the company stood at 31.63% while Institutions and Non-Institutions held 43.47% and 24.91% respectively.   

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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