IL&FS and E Trade sell stake in ILFS Investsmart to HSBC

IL&FS, one of India's leading infrastructure and development and finance companies and E Trade today announced the sale of 29.35 per cent and 43.85 per cent stake held in the company IL&FS Investsmart to HSBC Securities & Capital Markets (HSCI) and HSBC Violet Investments (Mauritius) for an undisclosed amount.

According to a release sent to the Bombay Stock Exchange (BSE) HSCI will as a result of the stake purchase, hold 50.01 per cent stake in IL&FS Investsmart while HSBC Violet Investments will hold 43.85 per cent stake in the company.

Share price of the company was up 1.38 per cent on the BSE and traded at 128.90 per share as against it's previous day's close of Rs 127.15 per share.