Axis Bank gets HC nod for scheme of arrangement

The order to allow demerger of Enam Securities' financial services business to Axis and simultaneous sale to Axis Securities and Sales Limited

Private sector lender, Axis Bank Limited has informed that the Gujarat High Court has approved the scheme of arrangement among Enam Securities Private Ltd to Axis Bank and its subsidiary Axis Securities and Sales Limited.

The scheme of arrangement will allow the demerger of the financial services businesses from Enam Securities to the bank and simultaneous sale of these businesses to Axis Bank's subsidiary, Axis Securities and Sales Limited.

In a statement filed with the Bombay Stock Exchange (BSE), Axis Bank informed that "The Hon'ble Gujarat High Court, Ahmedabad has, vide its order dated September 14, 2012, approved the scheme of arrangement among Enam Securities Private Limited and Axis Bank Limited and Axis Securities and Sales Limited and their respective shareholders and creditors."

Axis Bank shares traded flat on the Bombay Stock Exchange (BSE) in the morning trades at Rs 1,198.35 down by 0.41% from its previous close.

In the second quarter ended September 2012, Axis Bank registered total income of Rs 8,280.29 crore against Rs 6,510.89 crore in the same period in the previous year. Bank's net profit increased by 22.1% to Rs 1,123.54 crore from Rs. 920.32 crore a year ago.