 "India Infoline completes sale of 76% stake in Lankan unit")
"IIFL Holdings informs further to its intimation...It has completed the divestment of its 76% 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% stake in IIFL Securities Ceylon.
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"India Infoline proposes to divest its 76% 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% stake," it had said in a BSE filing.
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 IIFL Securities Ceylon in research, sales, investor education and other matters as feasible in future.
Further, the company informed that it has also divested its holding 76% 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.
IIFL, owned by India Infoline group provides financial services covering products ranging from equities and derivatives, commodities, wealth management, asset management, insurance, fixed deposits, loans, and Investment Banking.