The offer made to the shareholders of IL&FS Investsmart has been revised to acquire up to 1.39 crore equity shares, at a price of Rs 200 each, aggregating Rs 279 crore, from the earlier offer to acquire over 1.44 crore shares for Rs 288 crore, IL&FS said in a filing to the Bombay Stock Exchange.
The filing said that earlier the calculation was done by including the grant of Employees Stock Options Programmes (ESOPs) to the shareholders but now IL&FS has advised that no ESOPs can be vested and exercised by the employees during the offer and 15 days after its closure.
The open offer would begin on July 11 and close on July 30. The subsidiaries of HSBC have made the open offer following the financial services major's announcement to acquire 73.21 per cent stake in IL&FS for a consideration of USD 241.6 million (around Rs 1,002.5 crore).
SBI Capital Markets is the manager to the open offer. Post acquisition, HSBC would use Investsmart's platform for distribution of other financial products, including mutual funds and help in accelerating growth of the group in the domestic market.
The financial institution had also said that it would consider delisting options based on the open offer response. Shares of IL&FS Investsmart closed at Rs 190.55, up 0.08 per cent on the BSE.
