 "Carlyle buys 9 percent stake in India Infoline in open market")
India Infoline (IIFL) said on Wednesday US private equity giant Carlyle Group has bought a 9 percent stake in the company from the secondary market for an undisclosed amount.
At Wednesday’s market price, a 9 percent stake in IIFL, which offers retail and institutional brokerage services, is valued at about $38 million.
Washington-based Carlyle will be invited to join IIFL’s board, the Indian company said in a statement.
Carlyle last month filed paperwork for an initial public offering of up to $100 million. It is expected to come to market in the first half of 2012 in a deal that sources have said could raise as much as $1 billion.
IIFL shares closed 2.5 percent up at Rs 71.35 ahead of the announcement in a Mumbai market that fell 0.46 percent.
Reuters
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