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| Exchange Disseminated Time 08/12/2015 16:18:11 | IIFL Holdings Ltd has informed BSE that:
"Earlier on June 11, 2015, the Board decided to transfer 75% shareholding in erstwhile Insurance broking subsidiary namely India Infoline Insurance Brokers Limited [IIBL] to Orpheus Trading Pvt. Ltd ("Orpheus"), a company owned by promoters of IIFL Holdings Ltd in order to comply with the Insurance Laws (Amendment) Act, 2015 and Indian Insurance Companies (Foreign Investment) Rules, 2015 notified on February 19, 2015 and the transfer was effected on June 18, 2015. It was also then decided to acquire ownership of IIIBL back as and when the regulations permit.
Subsequently, the Govt. and IRDA amended the Rules/ Regulations vide Notification dated July 03, 2015 and IRDA Circular dated October 19, 2015 thereby restoring that the foreign portfolio investment held at the holding Company will not be considered for the purpose of calculating foreign holding in the Insurance Broking subsidiary.
In view of above and the IRDA approval received vide letter dated September 30, 2015 and the approval of the Audit Committee, the Committee of the Board at its meeting held on December 08, 2015 approved the acquisition of 325,000 equity shares of IIIBL, constituting 65% of the equity share capital of the said Company, back from Orpheus at fair value as certified by an independent Chartered Accountant. Pursuant to this acquisition, IIIBL will become a 90% non material subsidiary of the Company." |
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