Comments
Private sector lender IndusInd Bank on Tuesday called off plans to acquire the entire stake in IL&FS Securities Services (ISSL).
“The share purchase agreement stands terminated as all conditions precedent were not satisfied within the stipulated time period,” it said in a regulatory filing, adding that it is given to understand that the newly-constituted board of directors of IL&FS has decided to initiate a new process for the sale of its equity interests in ISSL.
On Monday, the new board of Infrastructure Leasing and Financial Services (IL&FS) appointed by the NCLT and led by banker Uday Kotak had decided to cancel all past agreements undertaken by the firm’s earlier board and had decided to seek fresh bids for ISSL and ISSL Settlement and Transaction Services as part of measures for asset monetisation.
In June, IndusInd Bank had signed an agreement with IL&FS to acquire ISSL.
Shares of IndusInd Bank fell 0.49 per cent on the BSE and closed at ₹1,484.40 apiece.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.