HSBC buys remaining stake in Indian firm

16th Jun 2009 16:19

Bank HSBC intends to buy the remaining 6.14% stake it does not own in Indian firm Investsmart and delist the shares from Bombay Stock Exchange and the National Stock Exchange of India.During 2008, HSBC acquired 93.86 per cent of IL&FS Investsmart Limited for a total consideration of INR1,396.3 crore.The delisting offer price will be determined by a reverse book building process, which allows shareholders to tender their shares at a price of their choice, subject to a floor price determined.The final price is determined as the price at which the maximum number of shares is tendered.

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