Private sector lender IndusInd Bank
will buy IL&FS Securities Services Ltd (ISSL), a subsidiary of
Infrastructure Leasing and Financial Services (IL&FS) Ltd, in an all cash
deal.
IL&FS Securities Services,
incorporated in July 2006, is a capital markets intermediary for professional
clearing, depository and custodial services. ISSL Services both retail and institutional
clients including over 1,000 brokers, FPIs (foreign portfolio investors) and
FIIs (foreign institutional investors).
In the financial year ended March
2016, IL&FS Securities Services had total revenue of Rs 277.6 crore and a
profit after tax worth Rs 39 crore. The proposed transaction is conditional on
definitive agreements and approvals, including regulatory approvals. The proposed
transaction is expected to be made effective within next 3 months and follow up
announcements will be made as necessary.
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