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IIFL Finance announced that the Board of Directors of the Company at its meeting held on 30 March 2020 approved the following:
1.Effecting of the merger of India Infoline Finance with the Company w.e.f. 30 March 2020 under the Composite Scheme of Arrangement from the Appointed Date i.e. 01 April 2018 with the filing of requisite forms INC 28 with the Ministry of Corporate Affairs.
2.Allotment of 5,86,54,556 equity shares to the residual shareholders of India Infoline Finance i.e. CDC group PLC and the employees in the ratio of 135 fully paid up equity share of Rs 2 each of the Company for every 100 equity share of Rs. 10 each of India Infoline Finance held by a shareholder of India Infoline Finance as on 30 March 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.
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