E*TRADE sells stake in IL&FS Investsmart to HSBC

E*TRADE Mauritius Limited ("ETM") propose to sell its 100% shareholding in IL&FS Investsmart Limited consisting of 30,625,692 equity shares representing approximately 43.85% of the paid-up capital of the company subject to all regulatory and statutory approvals.

The Hongkong and Shanghai Banking Corporation Limited ("HSBC") has proposed to acquire the stake of E*TRADE through a group company.

The share purchase agreement ("SPA") was executed between ETM, ETM's ultimate parent company, E*TRADE Financial Corporation as guarantor, and HSBC. The acquisition by HSBC will be made through its subsidiary, HSBC Violet Investments (Mauritius) Ltd.

The IL&FS Investsmart Limited stock was trading at Rs.192.80, down by Rs.6 or 3.02%. The stock hit an intraday high of Rs.199 and low of Rs.185.25.

The total traded quantity was 331851 compared to 2 week average of 197298.

Source : Equity Bulls

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