HSBC plans to acquire 6.14% stake in IL&FS Investsmart, an Indian financial management solution provider, from minority shareholders and delist its shares from the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) of India.
Earlier, HSBC acquired 93.86% of IL&FS Investsmart through its subsidiaries HSBC Securities and Capital Markets (India) and HSBC Violet Investments (Mauritius) for a total consideration of INR1,396.3 crore, in 2008.
The launch of the delisting offer is conditional upon the approval of the Investsmart Board of Directors, its shareholders and the stock exchanges where the shares are listed, in accordance with the Securities Exchange Board of India (SEBI).
The Investsmart Board has advised the BSE and the NSE of India of the delisting proposal and written to the Luxembourg Stock Exchange indicating its intention to withdraw the listing of its Global Depository Receipts (GDRs). Investsmart does not have any GDRs outstanding.
