SEBI approves IIL-IISPL merger

New Delhi, Aug 21: India Infoline Ltd (IIL) today said it received the requisite prior approval from the Securities and Exchange Board of India (SEBI) for the proposed merger of India Infoline Securities Private Limited (IISPL), which had earlier received in-principle approval from the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

''The merger will triple the networth of the securities broking business to over Rs 200 crore from Rs 70 crore at present. This will boost our institutional equities brokerage business substantially,'' IIL Chairman and Managing Director Nirmal Jain said.

He said the proposed merger will not have any impact on the equity capital of IIL as the entire capital of IISPL is held by IIL.

Application for the merger has already been filed with the Mumbai High Court for approval.

IIL Executive Director R Venkatraman added, ''The increased networth will also provide increased resources to our service rapidly growing base of retail equity and commodities brokerage clients. We are expanding our footprint by adding 150 branches to our existing network in the current year.'' IISPL, engaged in equity and derivative broking on both NSE and BSE, is a depository participant of both NSDL and CDSL, Portfolio Management and Investment banking.

UNI