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IndusInd Bank calls off IL&FS Securities deal

Loknath Das November 14, 2018 Uncategorized Comments Off on IndusInd Bank calls off IL&FS Securities deal
IndusInd Bank calls off IL&FS Securities deal

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IndusInd BankNSE 1.17 % on Tuesday said it has terminated an agreement with IL&FS to buy 100 per cent stake in IL&FS Securities Services (ISSL).

In a filing to the BSE, the bank said the definitive share purchase agreement (SPA) — the deal which was already approved by the banking regulator RBI — stands terminated as all conditions precedent were not satisfied within the stipulated time period.

The debt laden IL&FS is looking to sell stakes in subsidiaries and assets to monetise and cut down debt, ET had reported on Monday.

The infrastructure finance company has a debt load of Rs 91,000 crore. It has approached NCLT under the Companies Act to propose a plan to resolve with creditors without going in for liquidation.

[“source=TimeOFIndia”]

 

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