Home News IndusInd Bank terminates IL&FS Securities deal

IndusInd Bank terminates IL&FS Securities deal


IndusInd Bank on Tuesday announced that it has called off an agreement with IL&FS to buy 100 percent stake in IL&FS Securities Services (ISSL). 

indusind-bankIn its Bombay Stock Exchange filing, the bank informed that the definitive share purchase agreement (SPA) — the deal which was already approved by the Reserve Bank of India is terminated as all conditions precedent were not fulfilled within the stipulated time period.

This announcement is followed by reports that IL&FS is looking forward to rebidding IL&FS Securities Services Ltd (ISSL).

The IL&FS wants to sell stakes in subsidiaries and assets to monetise and bring down the level of its debt.

As per the industry reports, the infrastructure finance company has a debt load of Rs 91,000 crore. It approached National Company Law Tribunal under the Companies Act to propose a plan to resolve with creditors without going in for liquidation.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.