IndusInd Bank gets regulatory clearance to buy IL&FS Securities Services

IndusInd Bank on Wednesday informed the stock exchanges that it had received all regulatory approvals for its proposed acquisition of IL&FS Securities Services, a subsidiary of the embattled infrastructure financier IL&FS.

“Please be informed that further to the disclosures dated March 14, 2017, April 3, 2018, and June 26, 2018, on the above subject, the bank has now received the last of the regulatory approvals. Accordingly, all regulatory approvals for the acquisition of ISSL are now in place,” IndusInd said in its disclosure to bourses.

The closure of the transaction was underway, subject to the fulfilment of all conditions precedent specified in the share-purchase agreement, the Mumbai-based bank said in its disclosure.