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Axis Bank to acquire 13.67% stake in ACRE for Rs 22.72 crore

17 Sep 2016 Evaluate

Axis Bank, India’s third largest private sector bank has signed a Share Purchase Agreement (SPA) with IFCI for acquisition of 73,28,334 equity shares (13.67% of total outstanding shares) of face value of Rs 10 per share in Assets Care and Reconstruction Enterprise (ACRE) from IFCI at Rs 31 per share, resulting in a total cash consideration of Rs 22.72 crore.

The above transaction is subject to requisite regulatory approvals, including from Reserve Bank of India. The bank expects to complete the transaction by January 2017. For FY16, ACRE's total asset stood at Rs 336 crore while its total income stood at Rs 35.90 crore.

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.



Axis Bank Share Price

1269.40 -22.95 (-1.78%)
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Peers
Company Name CMP
HDFC Bank 781.20
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Axis Bank 1269.40
Kotak Mahindra Bank 380.75
Indusind Bank 949.85
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