The Committee of Board of Directors of IIFL Finance Limited (Formerly known as IIFL Holdings Limited) at its meeting held today approved the effecting of the merger of India Infoline Finance Limited with the Company w.e.f. March 30, 2020 under the Composite Scheme of Arrangement from the Appointed Date i.e. April 01, 2018 with the filing of requisite forms INC 28 with the Ministry of Corporate Affairs.
The board also approved the allotment of 5,86,54,556 equity shares to the residual shareholders of India Infoline Finance Limited i.e. CDC group PLC and the employees in the ratio of 135 (one hundred and thirty five) fully paid up equity share of Rs 2 (Rupees Two) each of the Company for every 100 (one hundred) equity share of Rs. 10 (Rupees Ten) each of India Infoline Finance Limited held by a shareholder of India Infoline Finance Limited as on March 30, 2020. Pursuant to the allotment of fresh equity shares, the equity base of the Company stand increased from 31,96,86,366 to 37,83,40,922 equity shares of Rs.2/- each.
Shares of IIFL Holdings Limited was last trading in BSE at Rs.78.25 as compared to the previous close of Rs. 77.7. The total number of shares traded during the day was 3431 in over 161 trades.
The stock hit an intraday high of Rs. 80 and intraday low of 73.85. The net turnover during the day was Rs. 262459.