It expects the sale of ISSL to bring in about Rs 400 crore, said a person with knowledge of the development.A deal for the securities business was previously struck with IndusInd Bank and Securities & Exchange Board of India had approved the proposal. However, the new management wanted to follow a transparent bidding process and put the business up for rebidding. Axis Bank said it did not want to comment on market speculation while Rare Enterprises could not be reached for comment. It has more than 1,000 broker client accounts and has foreign portfolio investors and foreign institutional investors on its customer list. The company does more than 3 million transactions every day on stock exchanges the report said.

Source: Economic Times December 18, 2018 02:28 UTC