IndusInd Bank Shares Hit A Record High On Acquisition Of IL&FS Securities
IndusInd Bank share price jumped to a 52-week high of Rs 1,995 on Wednesday after the company announced the decision of acquiring a 100 per cent stake in IL&FS Securities Services Limited. The latest development was made in a stock market filing on Tuesday after the market hours. The IndusInd Bank's share opened at Rs 1,985 on BSE, and soared to Rs 1,995, while it fell to a low of Rs 1,966 in the intraday trading today. At 11.34 am, IndusInd shares were trading at Rs 1,972 on BSE, and at Rs 1,973 on NSE. On the National Stock Exchange (NSE), the IndusInd shares hit their 52-week high of Rs 1,995 on Wednesday.
IndusInd Bank Limited (IBL) signed a share purchase agreement with Infrastructure Leasing and Financial Services Limited, (IL&FS) and other minority shareholders to acquire a 100 per cent stake in IL&FS Securities Services Limited, (ISSL), which is IL&FS's subsidiary specializing in the capital markets business. The banking regulator Reserve Bank of India (RBI) has granted approval for the proposed transaction, the acquirer stated in the market filing.
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ISSL was incorporated in 2007. It is a capital market intermediary that offers professional clearing of exchange traded derivatives, depository and custodial services.
IndusInd Bank's MD and CEO Romesh Sobti said, "The acquisition will help us scale up the present Capital Market Business in the Bank and bring new specialised products, hitherto not offered by us, to our clients. Over the years, ISSL has established itself as market leader with a dominant market share in professional clearing business of Exchange Traded Derivatives. Its robust technology and operations platform clears over 3 million transactions every day on the stock exchanges. This acquisition aligns well with our strategy of focusing on differentiated businesses with strong domain leadership."
With over 1,000 broker client accounts, FPIs and FIIs, ISSL has a well-integrated product suite across the capital markets value chain including clearing, custody, depository and fund accounting. The proposed transaction is conditional on regulatory approvals.
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