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| Exchange Disseminated Time | With reference to the earlier letter dated June 11, 2015 on the proposed transfer of shareholdings in the insurance broking subsidiary of the Company i.e. India Infoline insurance Brokers Limited (IIIBL) to comply with the recent Insurance Laws (Amendment) Act, 2015, Indian Insurance Companies (Foreign Investment) Rules, 2015 and applicable IRDA Regulations, IIFL Holdings Ltd has now informed BSE that the Company have received the approval of IRDA for the transfer of 75% shareholding in IIIBL to Orpheus Trading Pvt. Ltd., a company owned by promoters of IlFL Holdings Ltd, who are Indian residents, at fair value as certified by Independent Chartered Accountant.
Further the Company has informed that, the Company has received the consideration for the said transfer and effected the transfer of equity shares on June 18, 2015. Pursuant to this transfer, IIIBL is ceased to be a subsidiary of the Company. |
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