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India Infoline Finance approves share issuance to CDC Group


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India Infoline Finance approves share issuance to CDC Group

'sboard approved an issuance of shares to CDC Group Plc after receivingaround 10.05 billion Indian rupees for the shares.

The board approvedthe issue and allotment of 43,334,409 compulsorily convertible preferenceshares and 100 equity shares, which in aggregate represents a 15.45% stake inthe company.

Inaddition, the board approved the appointment of N. Srinivasan, a nominee of CDCGroup, as a nonexecutive director of India Infoline Finance.

The boardalso appointed R. Venkataraman as a whole-time director of the board for aperiod of three years. Venkataraman is currently a director of the board.

IndiaInfoline Finance is a unit of IIFL Holdings Ltd.

As of Sept. 27, US$1 was equivalent to 66.54Indian rupees.