Orient Global to invest Rs 555 cr in India Infoline
Orient Global, a Singapore-based investment group, has proposed to buy a 6.5% stake in broking firm India Infoline for Rs 555 crore.
By TNN |
MUMBAI: Orient Global, a Singapore-based investment group, has proposed to buy a 6.5% stake in broking firm India Infoline for Rs 555 crore. This is close on the heels of Orient Global investing Rs 197 crore for 10% stake in India Infoline’s insurance subsidiary, India Infoline Marketing Service (IIMSL).
India Infoline has been witnessing robust growth in its retail and institutional equities businesses. A press release said that the capital provided by Orient Global would provide resources for India Infoline’s continued development.
IIMSL does its business through its two subsidiaries, India Infoline Insurance Services and India Infoline Insurance Brokers. The capital provided by Orient Global will be used to expand the company’s branch network, establish call centres, invest in new technology and set up training facilities and general corporate purposes, the release said.
“India Infoline is delighted to strengthen its relationship with Orient Global. The capital provided by Orient Global will help us further grow our broking and insurance distribution businesses,” said Nirmal Jain, chairman and managing director, India Infoline.
An extra ordinary general meeting of the shareholders would be held on January 18 to approve the proposal. In November this year, Orient Global had invested $76.7 million (approximately Rs 300 crore) for a 22.5% stake in India Infoline’s consumer finance subsidiary, India Infoline Investment Services.
India Infoline has been witnessing robust growth in its retail and institutional equities businesses. A press release said that the capital provided by Orient Global would provide resources for India Infoline’s continued development.
IIMSL does its business through its two subsidiaries, India Infoline Insurance Services and India Infoline Insurance Brokers. The capital provided by Orient Global will be used to expand the company’s branch network, establish call centres, invest in new technology and set up training facilities and general corporate purposes, the release said.
“India Infoline is delighted to strengthen its relationship with Orient Global. The capital provided by Orient Global will help us further grow our broking and insurance distribution businesses,” said Nirmal Jain, chairman and managing director, India Infoline.
An extra ordinary general meeting of the shareholders would be held on January 18 to approve the proposal. In November this year, Orient Global had invested $76.7 million (approximately Rs 300 crore) for a 22.5% stake in India Infoline’s consumer finance subsidiary, India Infoline Investment Services.
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