FORM 6
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16
of
the Securities Exchange Act of 1934
For the month of September, 2008
HSBC Holdings plc
42nd Floor, 8 Canada Square, London
E14 5HQ, England
(Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F).
Form 20-F X
Form 40-F
......
(Indicate by check mark whether the registrant
by furnishing the information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934).
Yes.......
No X
(If "Yes" is marked, indicate below the file
number assigned to the registrant in connection with Rule 12g3-2(b): 82-
..............).
COMPLETES OPEN OFFER FOR INDIAN
BROKERAGE
Further to the announcement on
, HSBC confirms that it has completed the open offer for
public shares of
IL&FS Investsmart Limited (Investsmart), a leading
Indian retail brokerage.
Through the open offer, HSBC has
14,422,255 shares, equivalent to 20.65 per cent of
Investsmart's capital,
in accordance with applicable regulations.
In accordance with local Indian regulations, HSBC was
required to make an open offer to public shareholder
after it announced its intention to take a majority
stake in Investsmart.
HSBC made a cash offer of INR200 per share in
an
open offer to public shareholders from 11 to
, amounting to INR288.4 crore (
approximately US$63.1 million) for the public shares
accepted.
As required locally, HSBC will also pay interest of INR2.3
per share to the public shareholders who tendered their shares, which would
amount to INR3.31 crore (approximately US$$0.72 million).
HSBC announced in May 2008 its agreement to
acquire
43.85 per cent of Investsmart from E*TRADE Mauritius
Limited,
an indirectly wholly-owned subsidiary of E*TRADE
Financial Corporation
29.36 per cent from Infrastructure Leasing and
Financial Services Limited (IL&FS).
The acquisition remains subject to certain conditions and
completion formalities.
HSBC was advised on the acquisition by the investment
banking division of HSBC Global Banking and Markets.
is represented by several entities including The
Hongkong and Shanghai Banking Corporation Limited which offers a full range of
banking and financial services to its over 2
through its 47 branches and 170 ATMs across 26 cities.
HSBC is one of
's leading financial services groups, with over 3
,000 employees in its banking, investment banking and
capital markets, asset management, insurance broking, two
global IT development centres and six global resourcing
operations in the country. The Bank is t
he founding and a principal member of the HSBC Group which,
with over 9,500 offices in 85 countries and territories and assets of US$2,547
billion at
, is one of the world's largest banking and financial
services organisations.
IL&FS Investsmart Limited
(Investsmart)
's leading financial services organizations. IIL, through
its subsidiaries in
, provides a wide range of investment
products to its retail and institutional clients
including equity broking, investment banking, insurance broking and
distribution, mutual funds distribution and related financing services. IIL's
2,000 employees provide a complete range of investment solutions to over
138,000 customers in India through its 88 branches and 190 franchisee outlets
from 133 cities and has been recognized as "National Best Performing Financial
Advisor - Retail" for two years in a row (06-07 and 07-08) by CNBC
TV
18. With a market capitalisation of
approximately
, Investsmart is listed on the National Stock Exchange and
the Bombay Stock Exchange and its Global Depository Shares are listed on the
Luxembourg Stock Exchange.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
HSBC Holdings plc
By:
Name: P A Stafford
Title: Assistant Group Secretary
Date:
September 29, 2008