Axis hopes to complete Enam buy in two months

Axis Bank, the country’s third largest private lender, was likely to complete the acquisition of Enam Securities in the next two months, a top official of the bank said on Thursday.

“The acquisition is not complete yet. We are hopeful it will be done in another couple of months,” Shikha Sharma, managing director and chief executive of Axis Bank, told Business Standard.

In November, the bank had said it would buy Enam’s equities and investment banking businesses to create a bouquet of financial products and services for corporate, institutional and individual clients.

The size of the deal was estimated to be Rs 20.67 billion.

Sharma had said it would take four to six months to complete the transaction.

Approvals from the Reserve Bank of India, Securities and Exchange Board of India, Bombay High Court and Gujarat High Court were needed to close the deal.

The promoters of the broking company have also signed a five-year non-compete agreement and the bank will use the Enam brand for a period of two years.

Vallabh Bhansali, Enam’s co-founder and chairman will be appointed as an independent director at Axis once the transaction is complete.