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ILandFS Investment Managers
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ACQUIRED by HSBC
Posted by :
rvk41Tracked by: 0 Boarder
Foreign lender, HSBC, on Tuesday announced the acquisition of 93.86 per cent stake in leading Indian brokerage, IL&FS Investsmart for a sum of Rs 1,311 crore.
HSBC had acquired a 73.21 per cent stake in Investsmart in May this year, which included a 43.85 per cent stake previously held by E*Trade Mauritius and 29.36 per cent stake holding of IL&FS.
HSBC later acquired an additional 20.65 per cent through an open offer taking the total shareholding in Investsmart to 93.86 per cent. "The decision to acquire a controlling stake in Investsmart triggered an open offer to public shareholders, through which HSBC has accepted shares equivalent to 20.65 per cent of Investsmart's capital," HSBC said in a press statement issued here.
The acquisition of Investsmart came in line with HSBC's strategy to expand its operations in the Indian subcontinent, which is HSBC's one of the fastest growing markets in the world.
"Investsmart is a great addition to our current operations, which already constitute the second largest foreign banking network in India. We look forward to working with Investsmart's management team and growing this business," HSBC's India Chief Executi ve, Mr Naina Lal Kidwai said in the statement
For information,with regards
rvk41...
ILandFS Investment shoots up smartly
Posted by :
NewbeeTracked by: 1 Boarder
book proft and put money in NTPC-BHEL as ..\\\\...
In reply to:
BSE Announcements on ILandFS
Posted by : MMB MessengerTracked by: 0 Boarder
IL&FS Investment Managers Ltd has informed BSE that the auditors have conducted the limited review of the unaudited financial results for the quarter ended June 30, 2008....
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