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India Infoline to divest 76% stake in Sri Lankan subsidiary

Press Trust of India  |  New Delhi 

Infoline will divest its 76 per cent stake in its Sri Lankan subsidiary IIFL Securities Ceylon.

"Infoline proposes to divest its 76 per cent stake in its Sri Lankan subsidiary IIFL Securities Ceylon (Private) Limited, which is engaged in stock broking activities at Colombo Stock Exchange, to its Sri Lankan partner who is presently holding 24 per cent stake," IIFL said in a release.


This is subject to necessary regulatory approvals in and fulfillment of certain terms and conditions of the agreement, it added further.

"IIFL's decision to exit Sri Lankan operations is due to its plans to rationalise its relatively smaller international operations," it said.

The company will continue its support to IIFL Securities Ceylon in research, sales, investor education and other matters as feasible in future, IIFL said.

IIFL, owned by Infoline group provides financial services covering products ranging from equities and derivatives, commodities, wealth management, asset management, insurance, fixed deposits, loans, and Investment Banking.

First Published: Tue, January 07 2014. 20:21 IST
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