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Report: Several Indian financial institutions vie for IL&FS securities business

The reauction of the securities business of Infrastructure Leasing & Financial Services Ltd. has drawn bidders including ICICI Bank Ltd., Axis Bank Ltd., HDFC Bank Ltd. and private equity firm Rare Enterprises, The Economic Times reported Dec. 18, citing a person with knowledge of the development.

Axis Bank did not want to comment on the matter, while three others could not be reached for comment, according to the report.

IL&FS Securities Services Ltd. could be sold at about 4 billion rupees, which is around the valuation in the deal struck between IL&FS and IndusInd Bank Ltd. in June but was then terminated by IL&FS new management, the report added.

Buyers will be shortlisted soon, it said.

As of Dec. 18, US$1 was equivalent to 70.57 Indian rupees.