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Article: E*TRADE FINANCIAL Sells Shares of India's IL&FS Investsmart to HSBC.
- Article from:
- Business Wire
- Article date:
- May 17, 2008
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Copyright informationCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- E*TRADE FINANCIAL Corporation (NASDAQ:ETFC), through its indirectly wholly-owned subsidiary E*TRADE Mauritius Limited, today announced it has signed a definitive agreement with HSBC, through its Group subsidiaries, to sell 100 percent of its equity shares in IL&FS Investsmart Limited ("Investsmart"), an India-based financial services organization, for Rs. 200 per share. The sale will yield approximately $145 million of proceeds to E*TRADE and result in a pre-tax gain of approximately $20 to $30 million.
The signing of the definitive agreement requires HSBC to make an open offer for shares of Investsmart under Regulations 10, 12 and other applicable provisions ...