However, Enam`s Asset Management (AMC), Portfolio Management (PMS) and insurance distribution businesses are not part of the deal.
As per the agreement, Enam shareholders will receive shares of Axis Bank in the ratio of 5.70 shares of Axis for every 1 share held in Enam, translating into an approximately 3.37% shareholding in Axis Bank.
Post acquisition, Enam will be a 100% subsidiary of Axis Bank, and will be headed by Enam director Manish Chokani.
Vallabh Bhanshali, the co-founder and chairman of Enam, is expected to to be inducted on the Axis Bank board.
Axis Bank managing director and CEO Shikha Sharma said this transaction is in line with Axis’s strategy of continuously expanding its product and service offerings to its customers in order to deepen its relationships and value differentiators.
Enam Securities employs 450 people and has offices in 12 Indian cities.
