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IndusInd Bank hits record high after acquisition of IL&FS Securities Services
IndusInd Bank share price hit a fresh record high of Rs 1,995 in the opening after the private sector lender decided to acquired infra lender IL&FS' brokerage business. However, the stock price immediately wiped out those opening gains to trade 0.33 percent lower at Rs 1,977 on the BSE, at 09:30 hours IST.
The city-based lender, which has recently got the final nod for a merger with microlender BFIL, has received the Reserve Bank go-ahead for acquiring IL&FS Securities Services, it said in a statement.
"The acquisition will help us scale up the present capital market business in the bank and bring new specialised products, hitherto not offered by us, to our clients," said Romesh Sobti, managing director and chief executive officer, IndusInd Bank.
Incorporated in 2007, the brokerage offers clearing of exchange traded derivatives, depository and custodial services and has over 1,000 broker client accounts, FPIs and FIIs, the statement said, adding that its platform sees three million transactions a day.
It had clocked revenues of Rs 324.5 crore in FY18 versus the previous fiscal's Rs 342.65 crore, and a post tax net of Rs 45 crore.
The bank acquired securities business for an undisclosed amount. A definitive agreement for acquisition of 100 percent ownership against cash has been signed.
IndusInd Bank said it would take up to three months to complete the acquisition.
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Source: https://www.moneycontrol.com/news/business/markets/indusind-bank-hits-record-high-after-acquisition-of-ilfs-securities-services-2638981.html
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