TIL Desk/Business/New Delhi/ Private sector lender IndusInd Bank Tuesday said its agreement to fully acquire IL&FS Securities Services Ltd has been terminated due to non fulfilment of conditions.
In June this year IndusInd Bank had signed a share purchase agreement with Infrastructure Leasing and Financial Services Ltd (IL&FS) to acquire its securities services subsidiary.
“The share purchase agreement stands terminated as all the conditions precedent were not satisfied within the stipulated time period,” IndusInd Bank said in a regulatory filing.
ISSL, incorporated in 2007, is a capital market intermediary for professional clearing, depository and custodial services and caters to both retail and institutional clients including over 1,000 brokers, FPIs and FIIs.
“We understand that the newly constructed board of directors of IL&FS has decided to initiate a new process for the sale of its equity interests in ISSL,” IndusInd Bank added.
