Kolkata, Oct 9 (Inditop.com) HSBC InvestDirect has started the procedure to delist itself from Indian bourses, a top official said here Friday.
“We have already delisted from Luxembourg Exchange and we have also announced our intention to delist from Indian stock exchanges,” Manasije Mishra, managing director and chief executive of the company, told reporters here.
The company has already made a public disclosure about the delisting to the stock exchanges.
HSBC InvestDirect’s 93.8 percent shares are jointly held by HSBC Securities and Capital Markets India and HSBC Violet Investments (Mauritius) and about six percent are with the public.
The company is yet to start the buying back process.
“After we get in-principle approval from SEBI (Securities and Exchange Board of India) and stock exchanges, we will start the process,” Mishra said.
However, he declined to give a timeframe for the buyback.
Asked about the reason for delisitng, Mishra said: “There are few HSBC companies apart from HSBC Holding that is listed. We would like to have 100 percent ownership of the companies.”
With full ownership, “we can manage in a much better way.”
The share would probably be bought back by HSBC Securities and Capital Markets India Pvt Ltd, he said.
HSBC InvestDirect has 80 branches in 50 cities across the country.
The company, previously named IL&FS Investsmart, was bought by HSBC Group for $300 million last September.
