Enam securities | Axis bank bought enam securities

enam securities | Axis bank bought enam securities

In an unexpected development, Axis Bank has bought out Enam Securities, the broking arm of Enam Financial, in a stock deal that values the latter at Rs 2,100 crore, according to CNBC and sources. The deal is expected to be announced today in the evening, sources told VC Circle. The board of directors meeting of Enam is going on, and even Axis bank officials are at the venue, sources said. According to initial information, Enam promoters will have a 3.5- 3.7% stake in Axis Bank with Mr Vallabh Bansali of Enam on the Axis Bank Board. Bhansali and Shah family owns 38% in Enam Securities. Jagdish Master with 15% stake is another promoter. Enam Securities director Manish Chokani will become the CEO of the new subsidiary to be created under the Axis banner. Chokani owns 8% of Enam Securities, which wil be valued at Rs 168 crore. All employees of Enam would transition

Posted by musicking on Nov 18 2010. Filed under Business news. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry