IndusInd Bank calls off IL&FS Securities deal

NEW DELHI: IndusInd Bank 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 announcement followed reports that IL&FS was looking to rebid IL&FS Securities Services Ltd (ISSL).


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.

At 11.45 am, IndusInd Bank was 1 per cent lower at Rs 1,476.80 on the BSE.