IndusInd, IL&FS Securities deal called off; fresh bids invited

Gayathri Udyawar
/ Categories: Trending, Markets

IndusInd Bank terminates the agreement to acquire stakes in IL&FS Sec and ISSL, while the newly appointed board of IL&FS invites Expression of Interest from new bidders.

 

Infrastructure Leasing & Financial Services Limited (IL&FS) and IndusInd Bank had earlier entered a share purchase agreement (SPA) to acquire 100 per cent stake of IL&FS Securities Services Limited (ISSL).

 

IndusInd Bank informed the exchange that it has terminated the SPA as the precedent conditions set by the agreement were not satisfied in the given time, on Tuesday.

 

On the other hand, IL&FS's new board led by Uday Kotak has initiated the process for a public bidding of the two assets IL&FS Securities and ISSL Settlement & Transaction Services. Arpwood Capital and JM Financial are appointed as financial and transaction advisers for the sale.

 

Also, the NCLT has deferred the hearing on a move by lenders against a blanket stay on recovery proceeding against IL&FS to December 17, 2018. Major lenders including ICICI Bank, Bank of Baroda, Max Bupa had objected against the moratorium granted to IL&FS and its subsidiaries.

 

At 15:11 hours, the stock of IndusInd Bank was quoting Rs. 1487.10 per share, down 0.31 per cent, on BSE, when the benchmark BSE Sense was at 35,146.53, up 333.54 or 0.96 per cent on Tuesday.

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