| 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”. |
| Consequently, Moneyline Credit will continue as a subsidiary of India Infoline. |
| 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. |
| For the quarter ended March 31, 2007, its profit after tax rose 49 per cent to Rs 24.6 crore while its revenues jumped 67 per cent to Rs 143 crore. |
| India Infoline's annual net profit for the last fiscal went up by54 per cent to Rs 75.7 crore and its revenues shot up by 95 per cent toRs 525 crore. |
Source : Business Standard