India Inc. at Digital Inspiration

about    faq    contact

E*Trade exit Investsmart, HSBC joins in

ILFS InvestsmartMarking its entry into the lucrative broking space of the Indian market, HSBC , through its subsidiary HSBC Securities and Capital Markets (India) is buying out 73.21% stake in broking and investment banking firm, IL&FS Investsmart for around Rs.1000 crore at Rs.200 per share.

HSBC will acquire 43.85% stake from the largest shareholder, E*Trade, Mauritius and 29.36% from IL&FS. HSBC will also pay Rs 82 crore to IL&FS for a 3-year non-compete agreement.

HSBC will also make an open offer for 20% stake and may even eventually delist the company.

IL&FS Investsmart has a handy customer base of 138,000 customers in 133 cities thus giving a good base for HSBC to expand its business.

Email This   Print Article   Save as PDF   Subscribe   Translate 

Published on May 17, 2008 under Corporate, India Inc.
Tags: , , ,

Recommended Google Software:

Add a Comment

If you have a question that is not related to the above discussion, please post your question in the message board for quick answers. All comments are moderated.


 

Join the Facebook Group

Visit Help Central

 

© 2008 Digital Inspiration - Technology, à la Carte | Mobile Edition | Videos | Terms
The articles are copyrighted to Amit Agarwal and can only be reproduced given the author's permission.
Skip to top of the page ^^