Singapore-based investment group Orient Global will acquire 6.48 per cent stake in domestic brokerage firm India Infoline for Rs 555 crore.
"India Infoline is delighted to strengthen its relationship with Orient Global. The capital provided by Orient Global will help us further grow our broking and insurance distribution businesses," India Infoline Chairman and Managing Director Nirmal Jain said.
Orient Global proposes to invest Rs 555 crore for acquiring 32 million shares in India Infoline, representing 6.48 per cent of the current equity capital, India Infoline said in a filing to the Bombay Stock Exchange.
The domestic brokerage firm, which has been witnessing robust growth in its retail and institutional equities businesses, will use the capital provided by Orient Global to carry out further development.
Besides, Orient Global would further invest 50 million dollar for 10 per cent stake in India Infoline's insurance subsidiary India Infoline Marketing Service Ltd (IIMSL).