Hello and welcome to the Current Affair's Portal of ExamPundit.in. IndusInd Bank has entered into an agreement with Infrastructure Leasing and Financial Services Ltd (IL&FS) to acquire 100 per cent stake in IL&FS Securities Services Ltd (ISSL).
The private sector bank, however, did not disclose the cost of acquisition or the price at which ISSL shares were acquired.
ISSL, which was incorporated in 2007 as a subsidiary of IL&FS, is a capital market intermediary for professional clearing, depository and custodial Services.
The proposed transaction, which is expected to be completed in three months, is conditional on definitive agreements and approvals, including regulatory approvals, the bank said in a statement.
ISSL services both retail and institutional clients including over 1,000 Brokers, foreign portfolio investors and foreign institutional investors.
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