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| Exchange Disseminated Time 25/01/2017 15:53:55 | IIFL Holdings Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 25, 2017, inter alia, has:
1. Further to our earlier intimation dated November 17, 2016 with regard to the proposed acquisition of the management and control of Samasta Microfinance Limited (Samasta) a Bangalore based Non banking Finance Company - Micro Finance Institution (NBFC-MFI) registered with RBI by the Company's NBFC subsidiary namely India Infoline Finance limited ("IIFL"), we would like to update that pursuant to the necessary regulatory and other approvals, IIFL has acquired 31,68,111 equity shares i.e. about 28% of the equity capital of Samasta. IIFL Merchant Banking division acted as the Advisor for the transaction.
2. The Board of Directors of IIFL Holdings Limited ("IHL") considered and noted the proposed draft Scheme of Arrangement envisaging the demerger of Real Estate Advisory services undertaking from IIFL Facilities Services Limited ("IFSL"), a wholly-owned-subsidiary of the Company into another wholly-owned-subsidiary in terms of the provisions of Companies Act, 2013. The above proposal does not envisage any change in the capital structure of IIFL Holdings Limited or its interest in the aforesaid Subsidiaries. The appointed date of the proposed Scheme of Arrangement is April 01, 2017. The aforesaid scheme is subject to necessary regulation approvals including National Company Law Tribunal (NCLT).
Pursuant to the said demerger, IFSL's primary income will be from rentals of commercial real estate assets owned by it. The proposed restructuring is being done to facilitate transfer of IFSL as an SPV to a REIT, subject to required Board, Shareholders and regulatory approvals.
The meeting of the Board of Directors commenced at 01.30 PM and concluded at 3.40 P.M. |
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