Leading foreign investors like Goldman Sachs and Blackstone are in final stages of negotiations to buy 26% stake in India Infoline Distribution Co (IILD), the distribution subsidiary of the brokerage firm India Infoline. The investors are willing to offer $100 million for the strategic stake in IILD.
The Mumbai-based broking firm’s move to offload stake comes after the proposed deal with Merrill Lynch fell through. Merrill Lynch, which had shown interest to invest in the subsidiary, later backed off citing technical reasons.India Infoline vice-president (planning and strategy) Harshad Apte confirmed that they are in talks with some funds.
However, he refused to divulge any further details. “We cannot give any specific names,” he said. On Friday, shares of India Infoline rose 2.50% to close at Rs 1,114.90 on the Bombay Stock Exchange.
Read more in The Economic Times article.
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