The offer is made to the shareholders of IL&FS Investsmart to acquire up to 1,44,22,255 equity shares at a price of Rs 200 each, aggregating over Rs 280 crore, IL&FS said in a filing to the Bombay Stock Exchange.
The offer would close on July 30, it added. Last week, HSBC had announced its plans to acquire 73.21 per cent stake in the brokerage firm for a consideration of $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 said that it would consider delisting options based on the open offer response. Shares of IL&FS closed at Rs 191.10 at the BSE, down 0.44 per cent from the previous close.
