Business Daily from THE HINDU group of publications
Sunday, Apr 13, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Sunday, Apr 13, 2008 ePaper | Mobile/PDA Version |
|
|
|
|
|
|
|
Markets
-
Stocks R.Y. Narayanan Coimbatore, April 12 IL&FS Investsmart Ltd (IIL), which offers a range of financial services including stock broking and Portfolio Management Services (PMS), has confirmed that a major stakeholder in the company is considering selling either part of the stake or entire shareholding in the company without identifying the stakeholder who is looking for an exit route or the potential suitor. Media reports, earlier, had suggested that E*Trade Mauritius Ltd, which holds 43.85 per cent stake in the company, is looking at the option of selling its stake in IIL. In a communication posted on NSE’s Web site on April 11, IIL stated, “A major shareholder has advised us that they are exploring the possibility of selling all or part of their shareholding in the company to a third party. The said shareholder and the third party are discussing the proposed transaction in consultation with the company.” The company, however, did not identify the stakeholder trying for sale or the interested buyer. It was on April 9 that the NSE stated on its Web site that “media had reports that E*Trade may sell its stake in the company. The exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.” IIL had replied that “at the current juncture, we are not aware of any understanding entered into by E*Trade with any specific party related to the company. As and when we are intimated by E*Trade, we shall promptly convey the same to the Exchange.” IIL was promoted by Infrastructure Leasing & Financial Services Ltd (IL&FS) and E*Trade Financial Corporation, US, through its wholly owned subsidiary E*Trade Mauritius Ltd, and Softbank Asia Infrastructure Fund L.P. (SAIF) through its wholly owned subsidiary SAIF Investment Company Ltd, Mauritius, have invested in IL&FS Investsmart. The total shareholding of the promoter group in the company is 73.21 per cent as at the end of December 2007. While the share of IL&FS Ltd is 29.36 per cent , the balance 43.85 per cent is held by E*Trade Mauritius Ltd. The stake of SAIF Investment Company Ltd, Mauritius, is 10.02 per cent and FIIs hold 8.42 per cent stake. IIL is a financial services organisation providing individuals and corporates with customised financial management solutions. Its advisory services include portfolio management services, mutual funds, insurance and its trading services cover equities, derivatives, commodities, IPO investments. These services are offered across its network of over 300 offices in the country. More Stories on : Stocks | Financial Services
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
 |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2008, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|