India Infoline approves restructuring of broking, PMS services

India Infoline today said it has approved restructuring the group business including broking, depository participant (DP), portfolio management service (PMS) and investment banking to a wholly owned subsidiary.

"India Infoline...Has considered and approved in principle to restructure the group business including transfer of company's broking, DP, PMS and investment banking business to a wholly owned subsidiary through appropriate scheme/arrangements," it said in a filing to the BSE.

For this purpose, the board has appointed a committee of directors to finalise the re-arrangements within the group, scheme and all other requirements including the regulatory approvals, it added further.

India Infoline is a financial service provider that offers advice and execution platform for equities and derivatives, commodities, wealth management, asset management, insurance, fixed deposits, loans, investment banking, gold bonds and other small savings instruments.

Shares of India Infoline today ended at Rs 62.10 apiece on the BSE, up 2.99% from the previous close.