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Rakesh Jhunjhunwala's Rare Enterprises, HDFC Bank among bidders for IL&FS Securities: report

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Rakesh Jhunjhunwala's private equity firm Rare Enterprises and lenders such as HDFC Bank, ICICI Bank and Axis Bank are among a dozen bidders for the securities business of Infrastructure Leasing & Financial Services (IL&FS), reported The Economic Times.

Rakesh Jhunjhunwala's Rare Enterprises, HDFC Bank among bidders for IL&FS Securities: report
Rakesh Jhunjhunwala's private equity firm Rare Enterprises and lenders such as HDFC Bank, ICICI Bank and Axis Bank are among a dozen bidders for the securities business of Infrastructure Leasing & Financial Services (IL&FS), reported The Economic Times.
The sale of IL&FS Securities Services is likely to bring in about Rs 400 crore, the report said citing a person with knowledge of the development.
IL&FS Securities deal was previously struck with IndusInd Bank, however, the new management wanted to follow a transparent bidding process and put the business up for rebidding, the report said.
“A shortlist will happen soon. The valuation of the company should be around IndusInd Bank’s offer of Rs 400 crore," the above mentioned person told The ET on the condition of anonymity.
ICICI Bank and HDFC Bank did not respond to The ET's emails seeking comment. Axis Bank said it did not want to comment on market speculation while Rare Enterprises could not be reached for comment.
 
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Maruti Suzuki7,265.40 365.50
UPL802.50 30.30
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Wipro556.55 14.40
SBI Life Insura1,007.00 25.45
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