Private sector lender IndusInd Bank has announced that it will buy IL&FS Securities Services Ltd (ISSL), a subsidiary of Infrastructure Leasing and Financial Services (IL&FS) Ltd.
Reportedly, the investment will be 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).
The bank did not reveal the value of the acquisition, reported the Livemint.
“This acquisition brings scale to this business, complements our current product offerings and fits nicely into our strategy of creating differentiated businesses with domain expertise,” said Romesh Sobti, Managing Director and Chief Executive Officer, IndusInd Bank.
“The proposed transaction is conditional on definitive agreements and approvals, including regulatory approvals. The proposed transaction is expected to be made effective within the next 3 months and follow up announcements will be made as necessary,” the IndusInd Bank’s statement added.
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