October 1, 2016 7:32:38 pm
IIFL Holdings has received nod from its board to demerge ‘5Paisa Digital Undertaking’ from IIFL Holdings Ltd (IIFL) into its fully owned subsidiary 5Paisa Capital Ltd (5Paisa). “The board of directors of the company at their meeting held today considered and approved the proposed demerger of 5Paisa Digital Undertaking from IIFL into 5Paisa Capital Ltd, a 100 per cent subsidiary of IIFL engaged in distribution of financial services and broking,” the firm said in a regulatory filing.
Post demerger, 5Paisa Capital will be listed on BSE and NSE, it said. “The consideration for the demerger is by way of allotment of equity shares by 5Paisa Capital to the shareholders of IIFL in the ratio of 1 share of Rs 10 each of 5Paisa for every 25 shares of IIFL held by the shareholders of IIFL,” the company said.
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The company said the proposed arrangement does not involve any change in the capital structure of IIFL Holdings. IIFL said 5Paisa will acquire, service and grow the new emerging DIY (Do-it-yourself) customer segment who prefer least cost for various financial products.
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