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IndusInd Bank has signed a share purchase agreement with Infrastructure Leasing and Financial Services Limited, (IL&FS) and other minority shareholders to acquire 100% of IL&FS Securities Services Limited, (ISSL), a subsidiary of IL&FS.
S&R Associates acted for IndusInd Bank and the team was led by Partners Rajat Sethi and Sudip Mahapatra along with Jagriti Mohata, Dhruv Nath, and Akanksha Sharma.
Cyril Amarchand Mangaldas advised IL&FS and the team was led by Managing Partner Cyril Shroff along with Partners Ramgovind Kuruppath and Manisha Kumar.
ISSL, incorporated in July 2006, is a capital markets intermediary for professional clearing, depository, and custodial services.
The acquisition will help IndusInd Bank to scale up the present capital market business in the bank and bring new specialised products, according to the release.