SEBI okays merger of IISPL with India Infoline
India Infoline Ltd, a leading financial provider on Monday said it has received the requisite prior approval from the market regulator SEBI for the proposed merger of its wholly-owned subsidiary, India Infoline Securities Private Ltd (IISPL), with...
By PTI |
NEW DELHI: India Infoline Ltd, a leading financial provider on Monday said it has received the requisite prior approval from the market regulator SEBI for the proposed merger of its wholly-owned subsidiary, India Infoline Securities Private Ltd (IISPL), with itself.
IISPL, which is into equity and derivative broking and a depository participant, is expected to merge with its parent company by the third quarter of the current financial year.
"The merger will triple the net worth of the securities broking business to over Rs 200 crore from Rs 70 crore at present," said Nirmal Jain, CMD India Infoline.
The company had earlier got in-principle approval from National Stock Exchange and the Bombay Stock Exchange.
It has also filed application for the merger with the Mumabi High Court.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
