The Hindu Business Line : Softbank, E*Trade buy 34% stake in IL&FS Investsmart

E*Trade and Softbank Asia Infrastructure Fund L P (SAIF) have collectively acquired 34 per cent equity in IL&FS Investsmart at a valuation of Rs 54 per share. The total size of the transaction is Rs 64 crore, company officials announced today.

E*Trade and SAIF would get one position each on the company's board.

IL&FS and ORIX Corporation will hold 51.33 per cent and 14.67 per cent in the company, post transaction. The deal is currently awaiting clearance from the FIPB and the RBI. "We are hopeful that these would come through in the next 30 days," said Mr Hemang Raja, Managing Director& CEO, IL&FS Investsmart.

IL&FS Investsmart had earlier filed its offer document for its initial public offer with the Securities and Exchange Board of India. "When we received confirmation from these partners that they would be picking up stake in the company, we decided to put our IPO plans on hold for the moment," said Mr Raja.

The new board would now decide the timing of the IPO. "The management is ready for the IPO. We are awaiting the shareholders' green signal," he added.

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