IIFL Holdings today said it will acquire the balance of 50,000 equity shares equivalent to 10 per cent of share capital in India Infoline Insurance Brokers (IIIBL) from Orpheus Trading Private.
Further, to IRDA approval and the approval of the audit committee, the committee of the board of directors at its meeting held on March 11, 2016, approved the acquisition of balance 50,000 equity shares constituting 10 per cent of the equity share capital of the insurance broking subsidiary i.E; India Infoline Insurance Brokers Limited from Orpheus Trading, it said in a BSE filing.
Pursuant to the aforesaid IIIBL becomes a 100 per cent non-material subsidiary of the company.
