IIFL Holdings has received its board’s approval for the acquisition of 3.25 lakh equity shares of India Infoline Insurance Brokers (IIIBL), constituting 65 per cent of its equity share capital. The shares were bought back from Orpheus Trading Private at a fair value as certified by an independent Chartered Accountant.
Following the acquisition, IIIBL will become a 90 per cent non-material subsidiary of the company. Earlier in June, the company had transferred 75 per cent of the shareholding in IIIBL to Orphes Trading to meet insurance norms.
IIFL (India Infoline group), comprising the holding company, IIFL Holdings and its subsidiaries, is one of the leading players in the Indian financial services space.
