In compliance with IRDA regulations
With reference to the proposed transfer of shareholdings in the insurance broking subsidiary of the Company i.e. India Infoline insurance Brokers (IIIBL) to comply with the recent Insurance Laws (Amendment) Act, 2015, Indian Insurance Companies (Foreign Investment) Rules, 2015 and applicable IRDA Regulations, IIFL Holdings announced that the Company has received the approval of IRDA for the transfer of 75% shareholding in IIIBL to Orpheus Trading, a company owned by promoters of IlFL Holdings, who are Indian residents, at fair value as certified by Independent Chartered Accountant.Further the Company has informed that, the Company has received the consideration for the said transfer and effected the transfer of equity shares on 18 June 2015. Pursuant to this transfer, IIIBL ceases to be a subsidiary of the Company.
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