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Our Bureau

Details of the company's current stake in ownership not revealed

Mumbai , Aug. 8

E*Trade Financial Corporation, a company listed on the New York Stock Exchange, announced on Tuesday its decision to increase its stake in IL&FS Investsmart Ltd (Investsmart), through its indirectly wholly-owned subsidiary E*Trade Mauritius Ltd.

No details as to the company's current stake or percentage hike in ownership were revealed.

E*Trade Financial's original investment in Investsmart was made in 2004.

Deal struck

Post the financial deal, the CEO of Investsmart will be a member of E*Trade Financial's executive management replacing Mr Hemang Raja, Managing Director and CEO, who will become a non-executive director on the Investsmart board of directors.

This would be subject to completion of necessary formalities of statutory requirements and obtaining necessary approvals from SEBI, the exchanges and the Government.

The Investsmart board of directors is also in the process of adding three additional board seats to be filled by members of the company's existing management team, ensuring continuity of management and strategy.

Global relationship

"Our partnership with Investsmart will be a true two-way global relationship that provides Indian investors access to US market equities trading and further expand the market opportunities for E*Trade Financial's global customer base," said Mr R. Jarrett Lilien, President and Chief Operating Officer, E*Trade Financial Corporation.

It also anticipates supplementing investment resources with experienced personnel to expedite the benefits from the technology and other global opportunities that will be leveraged through the partnership.

"E*Trade Financial has proven an ideal partner and has helped increase the presence of Investsmart at home and abroad," said Mr Ravi Parthasarathy, Chairman, Investsmart.

More Stories on : Foreign Institutional Investors | Mergers & Acquisitions | Financial Services

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