IndusInd Bank Limited (IBL) today has signed a definitive share purchase agreement with Infrastructure Leasing and Financial Services Limited, (IL&FS) and other minority shareholders to acquire 100% of IL&FS Securities Services Limited, (ISSL); IL&FS’s subsidiary specializing in the capital markets business.
The Reserve Bank of India has granted approval for the proposed transaction.
S&R Associates acted for IndusInd Bank and the team was led by Partners Rajat Sethi and Sudip Mahapatra along with Jagriti Mohata, Dhruv Nath, and Akanksha Sharma.
Cyril Amarchand Mangaldas advisory of Infrastructure Leasing and Financial Services and the team was led by Managing Partner Cyril Shroff along with Partners Ramgovind Kuruppath and Manisha Kumar.
ISSL was incorporated in July 2006 as the capital markets mediator for professional clearing and custodial services.
This acquisition will help IndusInd bank to raise the present capital market business in the bank and bring new specialized products inside the market.