E*Trade, Softbank buy IL&FS Inv pie

US online broker E*Trade and a unit of Softbank have together bought a 34 per cent stake in brokerage unit IL&FS Investsmart.

Official media releases said that IL&FS and Japan's Orix Corp, which own 78 per cent and 22 per cent in Investsmart, respectively, will offload proportionate amount of shares to the two new investors.

Once the deal goes through, the IL&FS and Orix stakes in Investsmart will come down to 51.33 per cent and 14.67 per cent, respectively.

E*Trade acquired the stake through its subsidiary E*Trade Mauritius, while Softbank bought into IL&FS Investsmart through its unit Softbank Asia Infrastructure Fund.