IIFL Holdings provides update on subsidiary - India Infoline Finance

India Infoline Finance to acquire Samasta Microfinance

IIFL Holdings announced that the Company's NBFC subsidiary namely India Infoline Finance ["IIFL"] proposes to acquire the management and control of Samasta Microfinance ["Samasta"], a Non Banking Finance Company - Micro Finance Institution [NBFC-MFI] registered with RBI and based in Bangalore through acquisition of upto 100% equity shares of Samasta subject to completion of necessary due diligence, regulatory and other internal approvals.

In this regard, Samasta has received the approval of RBI and necessary Public Notice is being issued. Pursuant to this, IIFL, Samasta and the promoters of Samasta will enter into necessary agreements and documents to effect sale and purchase shares of Samasta in due course upon completion of due diligence, internal approvals and regulatory process. Samasta promoted by Mr. Narayanswamy Venkatesh and Mr. Deviah Shivaprasad, first generation entrepreneurs, began operations as an MFI in March 2008 and operates in Tamil Nadu, Karnataka, Maharashtra and Goa through 64 branches. It currently has an AUM of about Rs. 100 crore as on 30 September 2016. The proposed acquisition of Samasta will help IIFL to enter into micro finance segment and extend its wide ranging financial services to their large customer base.

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