IndusInd Bank acquires IL&FS Securities Services
6 years, 6 months ago

IndusInd Bank acquires IL&FS Securities Services

Live Mint  

Mumbai: Private sector lender IndusInd Bank Ltd on Tuesday said that it has signed a share purchase agreement with Infrastructure Leasing and Financial Services Limited, and other minority shareholders to acquire 100% of IL&FS Securities Services Limited,, a subsidiary of IL&FS. “The acquisition will help us scale up the present capital market business in the bank and bring new specialised products, hitherto not offered by us, to our clients. Its robust technology and operations platform clears over three million transactions every day on the stock exchanges,” said Romesh Sobti, managing director and chief executive at IndusInd Bank. The proposed transaction is subject to regulatory approvals, Sobti said, adding that the acquisition aligns well with the bank’s strategy of focussing on differentiated businesses with strong domain leadership.

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History of this topic

A dozen suitors for IL&FS stake sale in two subsidiaries
6 years, 1 month ago

A dozen suitors for IL&FS stake sale in two subsidiaries

Live Mint  

Mumbai: Infrastructure Leasing & Financial Services has received more than a dozen expressions of interest for acquiring the troubled financier’s stakes in subsidiaries IL&FS Securities Services Ltd and ISSL Settlement & Transaction Services Ltd, the company said in a press release. “IL&FS has received a strong response to its asset monetization process, initiated a fortnight ago, towards developing a resolution …

IndusInd Bank calls off deal to acquire IL&FS Securities Services
6 years, 2 months ago

IndusInd Bank calls off deal to acquire IL&FS Securities Services

Live Mint  

New Delhi: Private sector lender IndusInd Bank Tuesday said its agreement to fully acquire IL&FS Securities Services Ltd has been terminated due to non fulfilment of conditions.In June this year IndusInd Bank had signed a share purchase agreement with Infrastructure Leasing and Financial Services Ltd to acquire its securities services subsidiary. “The share purchase agreement stands terminated as all the …

IL&FS board invites buyers for stake in two of its subsidiaries
6 years, 2 months ago

IL&FS board invites buyers for stake in two of its subsidiaries

Live Mint  

Mumbai: The government-appointed board of Infrastructure Leasing and Financial Services Ltd has started the process to sell some of its assets to help pare the company’s debt. IL&FS will solicit expressions of interest in two assets engaged in the securities services business—IL&FS Securities Services Ltd, a clearing member in equity and other derivatives; and ISSL Settlement & Transaction Services Ltd, …

IL&FS: Emerging India's very own robber baron'
6 years, 3 months ago

IL&FS: Emerging India's very own robber baron'

Deccan Chronicle  

India is deservedly an “emerging market”. Just like in China, where public entities boost private profits, the Life Insurance Corporation of India, a public sector insurer, with assets in excess of Rs 25 trillion, chose to become IL&FS’ equity investor with a 25.3 per cent share. In it’s heyday, IL&FS was a private company with chutzpah — the darling of …

IL&FS plans fire sale of financial services unit
6 years, 3 months ago

IL&FS plans fire sale of financial services unit

Live Mint  

Mumbai/New Delhi: Infrastructure Leasing and Financial Services Ltd is planning to sell a majority stake in its financial services unit and additional assets worth ₹ 4,500 crore to pay down debts as the company rushes to meet its obligations and avoid bankruptcy. IL&FS has also asked the government to clear dues worth as much as ₹ 16,000 crore for work …

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