Axis Bank Ltd.

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.