Axis Bank Ltd.

Axis Bank has signed tripartite share subscription agreement and shareholders agreement with A.Treds (a subsidiary company of the bank) and Mjunction services. Pursuant to the execution of the said agreements, the bank has invested Rs 16.50 crore and Mjunction has invested Rs 8.25 crore in A.Treds. Mjunction is a joint venture between Tata Steel and Steel Authority of India.

As per the transaction, the bank has been allotted 1.65 crore equity shares at a nominal value of Rs 10 each and Mjunction has been allotted 82.50 lakh equity shares at a nominal value of Rs 10 each for cash at par. Consequently, the bank now holds 67% stake and Mjunction holds 33% equity stake in the A.Treds.

A.Treds is licensed by Reserve Bank of India (RBI) to engage in the business of Trade Receivables Discounting System (TReDS).