IL&FS Investsmart to hive off broking biz

The board of directors of IL&FS Investsmart, which met today, approved the restructuring and reorganisation of business activities.

According to a release issued by the company to the BSE today, the retail and institutional broking, distribution of  products, merchant banking and portfolio management services will be hived off to one or more wholly -owned subsidiaries (to be floated or acquired) for cash or kind (including issuance of securities).

"The company will retain the project syndication business, and also undertake securities and commodities-related financing activities," the release added.