IL&FS Investment Managers Limited (BSE:511208) agreed to acquire 86.61% stake in IL&FS Infra Asset Management Limited from IL&FS Financial Services Limited for approximately INR 180 million in cash on August 11, 2015. Under the terms of the agreement, IL&FS Investment Managers Limited will acquire 16.8 million shares at INR 10.63 per share. In a related transaction IL&FS Investment Managers Limited agreed to acquire IL&FS AMC Trustee Limited. The transaction was resolved by the Board of IL&FS Investment Managers. The transaction is subject to approval of Securities and Exchange Board of India (SEBI). As of November 10, 2015, the approval from SEBI is awaited. As of February 10, 2016, the approval form SEBI is still awaited. As of November 14, 2016, the transaction was approved by the Securities and Exchange Board of India. IL&FS Investment Managers Limited (BSE:511208) completed acquisition of 86.61% stake in IL&FS Infra Asset Management Limited from IL&FS Financial Services Limited on January 3, 2017.