Axis Bank has entered into definitive agreements with Fettle Tone LLP and the other partners of Fettle Tone LLP on March 12, 2021 in connection with Bank’s proposed acquisition of 9.90% of the aggregate partnership interest of Fettle Tone LLP pursuant to a contribution by Axis Bank in Fettle Tone LLP's partnership capital.
Fettle Tone LLP is a special purpose vehicle (SPV) set up by True North Fund VI LLP under the IRDAI (Investment by Private Equity Funds in Indian Insurance Companies) Guidelines, 2017. The said acquisition aims to strengthen Bank’s position in the insurance sector, pursuant to its investment in Fettle Tone LLP.
Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
