Result of Meeting

15 Oct 2007 07:18

Axis Bank Limited15 October 2007 DECISIONS TAKEN AT THE BOARD MEETING - AXIS BANK At the meeting of the Board of Directors of the Bank held today the followingdecisions were taken: 1. To incorporate a Public Limited Company, as a wholly owned subsidiary of the Bank to undertake among others, the Trustee Services Business. 2. To incorporate an Asset Management Company as a subsidiary of the Bank to carry out the activities of Asset/Fund Management and Advisory and other related activities. It is also proposed to establish a Mutual Fund, in the form of a Trust, in accordance with the provisions of the SEBI (Mutual Funds) Regulations, 1996 and other applicable laws. 3. The incorporation of the above two subsidiary companies and establishment of the Mutual Fund will be subject to the approval of the Reserve Bank of India, SEBI and other Regulatory Authorities. This information is provided by RNS The company news service from the London Stock Exchange