India Infoline clarifies on news item regarding stake sale to Merrill Lynch

With reference to the news item appearing in a leading financial daily titled "Merrill looks to up stake in India Infoline", India Infoline Ltd has clarified that there is no such proposal received from Merrill Lynch for further acquiring stake in the Company.

As informed from time to time, the Company allotted equity shares to the extent of Rs 70 crores upon conversion of Optionally convertible Bonds issue by way of preferential allotment to DSP Merrill Lynch Capital Ltd on February 07, 2006. Accordingly Merrill Lynch holding in the Company as on date stands at 14.10% as informed to exchange.

Source : Equity Bulls

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