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India Infoline Ltd has said that it proposes to divest 76 per cent stake in IIFL Securities Ceylon (Private) Ltd, its Sri Lankan subsidiary that is engaged in stock broking activities at Colombo Stock Exchange.
The stake will be bought out by its Sri Lankan joint venture partner who is holding 24 per cent stake for a total consideration of SLR 50 million.
The deal is subject to necessary approvals from the regulatory authorities in Sri Lanka and India and other terms and conditions. Both the parties have entered into an agreement and have set a timeline of March 31, 2014 for concluding the sale, IIFL said in a filing to the BSE.
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