The private lender has entered into a share purchase agreement for sale of 100% stake in its subsidiary, Axis Bank UK to OpenPayd Holdings.
"This transaction is subject to approval by the UK financial regulator, the Prudential Regulation Authority (PRA)," the bank said in a BSE filing made after market hours yesterday.
Axis Bank expects to complete the transaction by 30 September 2021. For the transaction, the bank received the completion net asset value (book value of the bank on the date of completion) plus a fixed premium of $5.5 million.
Axis Bank offers the entire spectrum of financial services to customer segments covering large and mid-corporates, msme, agriculture and retail businesses.
The private lender's net profit tanked 36.4% to Rs 1,116.60 crore while total income fell 1.1% at Rs 19,274.39 crore in Q3 December 2020 over Q3 December 2019.
The scrip rose 0.32% to currently trade at Rs 699.70 on the BSE.
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