India Infoline Ltd (IIFL) on Friday said it has completed the sale of its 76 per cent stake to Sri Lankan subsidiary IIFL Securities Ceylon.
"IIFL Holdings informs further to its intimation...it has completed the divestment of its 76 per cent stake in its Sri Lankan subsidiary namely IIFL Securities Ceylon Ltd which is engaged in stock broking activities at Colobmo Stock Exchange to its Sri Lankan JV partner Priyani Ratnagopal," it said in a regulatory filing to the BSE.
Earlier in January this year, IIFL had announced to divest its 76 per cent stake in IIFL Securities Ceylon.
"India Infoline proposes to divest its 76 per cent stake in its Sri Lankan subsidiary IIFL Securities Ceylon (Private) Limited, which is engaged in stock broking activities at Colombo Stock Exchange, to its Sri Lankan partner who is presently holding 24 per cent stake," it had said in a filing to the BSE.
IIFL's decision to exit Sri Lankan operations was taken due to its plans to rationalise its relatively smaller
international operations.
However, IIFL will continue its support to the subsidiary in research, sales, investor education and other matters as feasible in future.
The company also informed that it has also divested its holding 76 per cent in its other Sri Lankan subsidiary - IIFL Capital Ceylon - to the JV partner Priyani Ratnagopal.
IIFL Capital Ceylon is engaged in corporate advisory services in Sri Lanka.
India Infoline Group-owned IIFL provides financial services covering products ranging from equities and derivatives, commodities, wealth management, asset management, insurance, fixed deposits, loans and investment banking.
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