Sign In
Last checked at 
9 Dec 2016 14:34
December 9, 2016
Dear Sir(s),
SUB: ACQUISITION OF SHARES IN ASSETS CARE AND RECONSTRUCTION ENTERPRISE LIMITED
REF: REGULATION 30 READ WITH PARA A OF SCHEDULE III OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
This is in reference to our letter no. AXIS/CO/CS/494/2016-17 dated 16th September 2016 on the captioned subject regarding acquisition by the Bank of equity shares representing 13.67% of the total paid up share capital in Assets Care and Reconstruction Enterprise Limited ("ACRE" or the "Entity") from IFCI Limited at INR 31 per equity share, for cash aggregating to INR 22.72 crore ("Transaction").
This is to inform you that, post receipt of requisite regulatory approvals, the Bank has completed the said acquisition on December 8, 2016.
The details as required under the Listing Regulations are as under:
Sr. No. | Particulars | Details | ||||||||
1. | Name and Details of Target Entity
| Assets Care and Reconstruction Enterprise Limited
Total Assets: INR 336 crore (FY 2016) Total Income: INR 35.9 crore (FY 2016)
| ||||||||
2. | Whether the acquisition would fall within related party transactions? If yes, whether the same is done at "arms length"?
| This agreement does not constitute a related party transaction. | ||||||||
3. | Whether, the promoter/promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof
| Life Insurance Corporation of India (LIC), a promoter of Axis Bank Limited, currently owns 2.8% shares in the entity. | ||||||||
4. | Industry to which the entity belongs
| Asset Reconstruction Company registered with RBI under SARFAESI Act, 2002 as a Securitization Company.
| ||||||||
5. | Objects and Effects of Acquisition
| Financial Investment | ||||||||
6. | Brief details of any governmental or regulatory approvals required
| Completion of transaction was subject to approval from the Reserve Bank of India | ||||||||
7. | Indicative time period for completion of Transaction
| Done | ||||||||
8. | Nature of consideration and details of the same
| Cash Consideration of INR 22,71,78,354/- | ||||||||
9. | Cost of acquisition or price at which the shares are acquired
| INR 31 per equity share | ||||||||
10. | Percentage of shareholding / control acquired and / or number of shares acquired
| Percentage Holding: 13.67% No of Equity Shares: 73,28,334 | ||||||||
11. | Brief background of the entity | Date of Incorporation: 11 June 2002
Products / Line of Business: Acquisition, resolution and disposal of financial assets acquired from Banks and Financial Institutions
Historical Turnover (INR crore):
Country: India
|
You are requested to take note of above and arrange to bring it to the notice of all concerned.
Thanking You.
Yours sincerely,
For Axis Bank Limited
Girish V. Koliyote
Company Secretary
Follow the stocks
