While IL&FS will sell its 29.35 per cent stake in IIL to HSBC Securities and Capital Markets (India) private limited, ETM will sell 43.85 per cent stake in the company to HSBC Violet Investments (Mauritius) Ltd.
IIL was set up in October 1997 and began its retail operations in September 1998.
Currently, IIL is present in over 90 cities through 200 outlets and offers its services in retail business, merchant banking, debt broking and institutional equity business among others.
