India Infoline to divest 76% stake in its Sri Lankan arm

India Infoline is planning to divest 76% stake in its Sri Lankan subsidiary namely IIFL Securities Ceylon engaged in stock broking activities at Colombo Stock Exchange to its Sri Lankan joint venture partner who is holding 24% stake for a total consideration of Sri Lankan rupee 50 million.

This is subject to the necessary approvals from the regulatory authorities in Sri Lanka and India and other terms and conditions. In this regard, both the parties have entered into agreement and set the timeline of March 31, 2014 for the conclusion of the sale.

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.