Mumbai: Brokerage house India Infoline on Wednesday said it has raised its holding in two of its subsidiaries after buying Singapore-based Orient Global's stakes in the companies for USD 80 million (about Rs 370 crore).
The company has acquired Orient Global's stake in two of the unlisted subsidiaries -- India Infoline Investment Services Ltd (IIISL) and India Infoline Marketing Services Ltd (IIMSL) -- for USD 80 million, India Infoline said in a filing to the Bombay Stock Exchange.
Brokerage firm has acquired 52.83 lakh shares, or 22.28
percent stake, in IIISL for USD 72 million, the filing added.
Further, the company has paid USD 8 million to acquire
Orient Global's 10.44 per cent stake or 20 lakh shares in
IIMSL, it said.
Pursuant to the said acquisition, India Infoline now
holds 99.02 per cent stake in IIISL and 99.16 per cent
holding in IIMSL.
Earlier, Orient Global had acquired 22.28 percent stake
in IIISL for a total consideration of Rs 438 crore and in
IIMSL 10.44 per cent stake for Rs 196.9 crore.
Shares of India Infoline were trading at Rs 122 on BSE,
down 1.65 percent from previous close.
PTI
First Published: Wednesday, January 27, 2010, 11:00