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India Infoline will divest its 76% stake in its Sri Lankan subsidiary IIFL Securities Ceylon.
"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," IIFL said in a release.
This is subject to necessary regulatory approvals in Sri Lanka and fulfillment of certain terms and conditions of the agreement, it added further.
"IIFL's decision to exit Sri Lankan operations is due to its plans to rationalise its relatively smaller international operations," it said.
The company will continue its support to IIFL Securities Ceylon in research, sales, investor education and other matters as feasible in future, IIFL said.
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.
