India Inc. at Digital Inspiration

E*Trade exit Investsmart, HSBC joins in Posted: 17 May 2008 07:16 AM CDT Marking its entry into the lucrative broking space of the Indian market, HSBC , through its subsidiary HSBC Securities and Capital Markets (India) is buying out 73.21% stake in broking and investment banking firm, IL&FS Investsmart for around Rs.1000 crore at Rs.200 per share. HSBC will acquire 43.85% stake from the largest shareholder, E*Trade, Mauritius and 29.36% from IL&FS. HSBC will also pay Rs 82 crore to IL&FS for a 3-year non-compete agreement. HSBC will also make an open offer for 20% stake and may even eventually delist the company. IL&FS Investsmart has a handy customer base of 138,000 customers in 133 cities thus giving a good base for HSBC to expand its business. E*Trade exit Investsmart, HSBC joins in - Digital Inspiration | FAQ | RSS

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