Axis Bank to pay $456 mn for Enam units

Private sector lender Axis Bank today announced acquisition of investment banking arm of Enam Securities for Rs 2,067 crore.

Private sector lender Axis Bank on Wednesday announced acquisition of investment banking arm of Enam Securities for Rs 2,067 crore.

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The deal comprises investment banking unit, corporate advisory services and equity distribution arm of Enam Securities.

Asset management company and insurance broking arm are not part of the deal. "We believe this is a great strategic fit...great cultural fit," Axis Bank Managing Director Shikha Sharma told reporters in Mumbai.

"The consideration (for the deal) is Rs 2,067 crore paid in stock of Axis Bank," she said, adding that it is subject to regulatory clearance from the Reserve Bank of India and the Securities and Exchange Board of India.

Axis Bank is one of the leading private sector lenders of the country with a network of about 1,000 branches spread across the country. Enam Securities, which was set up in 1984 as a financial services services provider, is a privately held company.