IL&FS to file maiden offer prospectus in two weeks
Mumbai: IL&FS Investsmart, the broking and investment-banking arm of IL&FS, is expected to file a draft prospectus for its initial public offer (IPO) in another two weeks, by way of raising around Rs100 crore from the market.

Company officials said the details of filing an offer document with the securities regulator are being worked out. The company will also be holding a board meeting in the first week of May, where a formal decision on its public offering will be taken.

Investsmart will be the third broking company to go public after Indiabulls and India Infoline, whose issue has opened for bidding.

Last year Softbank Asia Infrastructure Fund LP (SAIF) and E*Trade Financial picked up a 34 per cent stake in Investsmart for Rs64 crore, buying out a part of the stakes held by IL&FS and ORIX Corporation of Japan. After the stake sale IL&FS now holds 51.33 per cent in Investsmart while ORIX continues to hold 14.67 per cent in the broking firm.
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