Date:30/05/2006 URL: http://www.thehindubusinessline.com/2006/05/30/stories/2006053004201500.htm

Back Citibank ups stake in India Infoline

Our Bureau

Mumbai , May 29

Citibank has hiked its stake in online stock broking firm India Infoline Ltd to 5.01 per cent. The bank on Monday acquired 50,000 shares constituting 0.11 per cent in India Infoline through secondary market purchase, according to a notice to stock exchanges.

Earlier, another foreign fund Merrill Lynch had bought 9 per cent stake in the broking firm from Intel Capital. Merrill Lynch also subscribed to India Infoline's optionally convertible debentures. "After the conversion, Merrill Lynch's stake will be about 12.2 per cent," said Mr Harshad Apte, Associate Vice-President, India Infoline.

He said the company would benefit by the presence of these investors. "The sheer expertise of Merrill and the tremendous value they bring in will benefit the company," Mr Apte said.