IndusInd Bank (IBL) has signed a definitive share purchase agreement with Infrastructure Leasing and Financial Services, (IL&FS) and other minority shareholders to acquire 100% of IL&FS Securities Services, (ISSL); IL&FS's subsidiary specializing in the capital markets business. The Reserve Bank of India has granted approval for the proposed transaction.

ISSL, incorporated in FY 2007, is a leading Capital Market Intermediary offering Professional Clearing of Exchange Traded Derivatives, Depository and Custodial Services. With over 1,000 broker client accounts, FPIs and FIIs, ISSL has a well-integrated product suite across the capital markets value chain including Clearing, Custody, Depository and Fund Accounting.

Romesh Sobti, MD & CEO, IndusInd Bank said, ''We are happy to have signed a share purchase agreement with IL&FS to acquire this business. The acquisition will help us scale up the present Capital Market Business in the Bank and bring new specialised products, hitherto not offered by us, to our clients. Over the years, ISSL has established itself as market leader with a dominant market share in professional clearing business of Exchange Traded Derivatives. Its robust technology and operations platform clears over 3 million transactions every day on the stock exchanges. This acquisition aligns well with our strategy of focussing on differentiated businesses with strong domain leadership. We look forward to welcoming ISSL customers and employees into the growing IndusInd Family.''

Shares of the bank declined Rs 6.45, or 0.33%, to trade at Rs 1,977.00. The total volume of shares traded was 1,577 at the BSE (9.30 a.m., Wednesday).