Singapore firm to invest Rs 300 cr in India Infoline

MUMBAI: Domestic brokerage firm India Infoline on Monday said Singapore-based Orient Global will acquire 22.5 per cent stake in its consumer finance subsidiary for about Rs 300 crore.
    
The investment firm would buy a 22.5 per cent stake in the company's subsidiary India Infoline Investment Services Ltd (IISL), it said in a filing to the Bombay Stock Exchange.
   
The proposal was approved by the board of directors during their meeting today.
   
The resultant capital would be primarily used for the expansion of IISL's subsidiaries -- Moneyline, which is in the business of personal and auto loans, and India Infoline Housing Finance that is in the business of home loans.
   
"India Infoline Investment Services is delighted to have the support of Orient Global, a highly principled organization that has an outstanding track record in financial services and has demonstrated a long-term commitment to India," company's chairman and managing director Nirmal Jain said.
   
Shares of the firm closed at Rs 1153.05, up 3.42 per cent, on the BSE.

In a separate statement, India Infoline said Foreign Institutional Investors (FIIs) investment limit in the company has been increased to 100 per cent of the equity capital.
   
The RBI has notified the company that FIIs can now invest up to 100 per cent in India Infoline under the portfolio investment schemes, it said.