India Infoline Ltd, on December 24, 2007 announced the proposed equity investment in the Company of Rs 555 crores (approximately US 191 million) by Orient Global, the Singapore - based investment group on a preferential basis, subject to shareholder and other approvals, if any. Orient Global will acquire 3.7 million shares in India Infoline Ltd representing 6.48% of the current equity capital.
The Company has been witnessing robust growth in its retail and institutional equities businesses. The capital provided by Orient Global provides resources for the Company's continued development.
The board of the Company also noted a further proposed investment by Orient Global of USD 50 million (Rs 197 crores) for a 1O% stake (post-money, fully diluted) in India Infoline’s insurance subsidiary, India Infoline Marketing Service Ltd (IIMSL).
IIMSL does its business through its two subsidiaries, India Infoline Insurance Services Ltd and India Infoline Insurance Brokers Ltd. 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.
In November of this year, Orient Global invested USD 76.7 million (approximately Rs 300 crores) for a 22.5% stake in India Infoline Ltd’s consumer finance subsidiary, India Infoline Investment Services Ltd.
Speaking on the occasion, Mr. Nirmal Jain, Chairman & Managing Director of the Company said "India Infoline is delighted to strengthen its relationship with Orient Global. As the financial services sector in India continues its extraordinary growth path, India Infoline has emerged as a dominant player in the broking and insurance distribution space. The capital provided by Orient Global will help us further grow these businesses."
December 24, 2007
India Infoline - Orient Global Invests Rs 750 crores
October 23, 2007
Indiainfoline AGM
India Infoline Ltd has informed that the Board of Directors of the Company at its meeting held on October 23, 2007, inter alia, has considered and approved the following:
1. With a view to reconsolidate the insurance distribution business of the wholly owned subsidiaries namely India Infoline Insurance Services Ltd and India info Insurance Brokers Ltd, the existing investments of the Company in the above two wholly owned insurance subsidiaries be transferred to India Infoline Marketing Services Ltd (wholly owned subsidiary). The transfer will be as per the valuation of Chartered Accountants.
2. As per the authorization of the shareholders for increase in the limits of investments by FIIs in the Company's shares, the board approved increase in FII limits upto 100% of the equity of the Company.
3. With a view to meet the real estate requirements of the Company, primarily for its own office space and training centre requirements, the Board approved to make investments in a separate subsidiary to have better focus and monitoring of capital deployed. The Board has appointed a Committee of Directors to finalize the plan.
4. Mr. Sanjiv Ahuja, an Independent Director, tendered his resignation from the board of the Company. The same has been accepted by the Board.