BoB eyes IL&FS custodian business in Rs 600-cr deal

ISSL custodial clientele includes corporates, institutions, high net worth individuals and NRIs

State-owned lender Bank of Baroda (BoB) is in advanced talks to buy controlling stake in IL&FS Securities Services (ISSL), the custodian arm of Infrastructure Leasing & Financial Services, said two people familiar with the matter. At an enterprise valuation of Rs 750 crore, the deal could fetch the infrastructure major around Rs 600 crore, they added.

“Talks are on. Board-level discussions have happened recently,” said one of them. If concluded, the Rs 600-crore deal would be the first major acquisition by the bank since the new management under P S Jayakumar took over a little over a year ago. Jayakumar,