Axis Bank Limited has acquired the investment banking and broking units of Enam Securities Private Limited (ESPL) for Rs. 2,070 crore ($450 million)..Amarchand advised Axis Bank with a team led by Managing Partner Cyril Shroff along with Partner Nivedita Rao..AZB & Partners advised ESPL with a team led by co-founding Partner Zia Mody along with Partners Shuva Mandal and Essaji Vahanvati..Macquarie Capital Advisers (India) Private Limited was the financial adviser to Axis Bank on the transaction and Ernst & Young was engaged to carry out the financial due diligence review. Ican Advisors were the financial advisors to ESPL for the transaction..VC Circle reports the deal is in an exchange ratio of 5.7 shares of Axis Bank for every one share of Enam Securities. As a result Enam will get 3.3 percent stake in the enlarged entity. According to the contours of the deal, Enam Securities will demerge its investment banking, institutional equities, retail equities and related businesses such as distribution of financial products and NBFC, to a wholly owned subsidiary of Axis Bank. Axis Bank will also demerge its investment banking business into the wholly owned subsidiary..Axis Bank has got 1,100 branches and with Enam’s retail network, it is expected that the combined entity will have an opportunity to build a dominant retail franchise as well.
Axis Bank Limited has acquired the investment banking and broking units of Enam Securities Private Limited (ESPL) for Rs. 2,070 crore ($450 million)..Amarchand advised Axis Bank with a team led by Managing Partner Cyril Shroff along with Partner Nivedita Rao..AZB & Partners advised ESPL with a team led by co-founding Partner Zia Mody along with Partners Shuva Mandal and Essaji Vahanvati..Macquarie Capital Advisers (India) Private Limited was the financial adviser to Axis Bank on the transaction and Ernst & Young was engaged to carry out the financial due diligence review. Ican Advisors were the financial advisors to ESPL for the transaction..VC Circle reports the deal is in an exchange ratio of 5.7 shares of Axis Bank for every one share of Enam Securities. As a result Enam will get 3.3 percent stake in the enlarged entity. According to the contours of the deal, Enam Securities will demerge its investment banking, institutional equities, retail equities and related businesses such as distribution of financial products and NBFC, to a wholly owned subsidiary of Axis Bank. Axis Bank will also demerge its investment banking business into the wholly owned subsidiary..Axis Bank has got 1,100 branches and with Enam’s retail network, it is expected that the combined entity will have an opportunity to build a dominant retail franchise as well.
