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HSBC equity broking arm plans to delist

By SiliconIndia   |   Wednesday, April 28, 2010   |    1 Comments
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Mumbai: HSBC Securities and Capital Markets (India), a subsidiary of HSBC India, has announced delisting plans for its equity broking arm HSBC InvestDirect (India), formerly IL&FS Investsmart. HSBC InvestDirect promoters HSBC Securities and HSBC Violet Investments (Mauritius) propose to delist 50,18,330 shares representing 7.11 percent of the paid-up equity capital aggregating approximately Rs. 62.22 crore from the shareholders at a floor price of Rs. 124 a share, HSBC Securities said in a statement issued to the BSE. The bids for delisting open on April 28 and closes on May 4. The Promoters own 93.11 percent stake according to the shareholding pattern disclosed by the company to BSE and remaining stake is owned by the FIIs (2.05 percent), DIIs (1.77 percent) and retail and HNIs (3.07 percent).
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