IL&FS promoter to buy 6% stake in co; stock surges
Shares of IL&FS Investsmart surged to the high point of the day after the after its promoter, HSBC Securities and Capital Markets (India) proposed to acquire all the publicly-held shares representing over six per cent stake in the company.
By ET Bureau |
MUMBAI: Shares of IL&FS Investsmart surged to the high point of the day after the after its promoter, HSBC Securities and Capital Markets (India) proposed to acquire all the publicly-held shares representing over six per cent stake in the company.
The promoter made an offer to acquire 42.87 lakh equity shares, representing 6.14 per cent stake, in IL&FS Investsmart. The promoters, HSBC Securities and Capital Markets (India) and HSBC Violet Investments (Mauritius) collectively hold 6.55 crore shares or 93.86 per cent stake in IL&FS Investsmart.
Pursuant to the acquisition, the promoter would delist the equity shares of the company from the Bombay and National stock exchanges, the company said in a statement to the exchanges.
At 11:15 am, the company���s shares hit the upper circuit limit of Rs 141.40, up 4.97 per cent on the BSE following the development.
The promoter made an offer to acquire 42.87 lakh equity shares, representing 6.14 per cent stake, in IL&FS Investsmart. The promoters, HSBC Securities and Capital Markets (India) and HSBC Violet Investments (Mauritius) collectively hold 6.55 crore shares or 93.86 per cent stake in IL&FS Investsmart.
Pursuant to the acquisition, the promoter would delist the equity shares of the company from the Bombay and National stock exchanges, the company said in a statement to the exchanges.
At 11:15 am, the company���s shares hit the upper circuit limit of Rs 141.40, up 4.97 per cent on the BSE following the development.
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