India Infoline which signed an agreement last year with DSP Merill Lynch to sell its shareholding in subsidiary Moneyline Credit Pvt Ltd (formerly Khambhat Investment & Trading Company Private Limited), has called off the deal citing prolonged delays in completing the transaction.
According to a regulatory filings with Bombay Stock Exchange, India Infoline said "owing to prolonged delays in finalisation of the transaction and changed business plans, the MoU was mutually terminated with immediate effect".
Earlier this year, the New York-based Merill Lynch had hiked its stake in India Infoline to 14.10 per cent and had also initiated talks for acquiring a significant stake in India Infoline Distribution Company, the distribution arm of India Infoline for over Rs 150 crore.
Shares of India Infoline ended higher by 0.56 per cent at Rs 436.10 on BSE, compared to Friday's close of Rs 433.65.
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