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$450m Axis-Enam domestic takeover sealed by Cyril, Zia

The Mumbai offices of Amarchand Mangaldas and AZB & Partners have advised on the acquisition by India’s third-largest private sector bank Axis Bank of financial services business of Enam Securities Private Limited (Enam) for Rs 2,067 crore ($450m).

AZB & Partners co-founding partner Zia Mody and Mumbai partners Shuva Mandal and Essaji Vahanvati acted for Enam, to advise on aspects such as the structure of the scheme of demerger, drafting and negotiating transaction agreements and advising on regulatory issues.

Amarchand Mangaldas Mumbai-based managing partner Cyril Shroff and partner Nivedita Rao led for Axis Bank in this all-stock deal, which remains subject to regulatory approvals.

The transaction involves the merger of Enam’s investment banking subsidiary with Axis Securities and Sales Limited under a scheme of arrangement that would entitle Enam shareholders to receive 5.7 Axis Bank’s shares against 1 share held in Enam.

The promoters of Enam will hold a 3.3 per cent stake in Axis Bank as consideration post demerger.

According to the proposed scheme Enam would transfer its investment banking, retail and institutional equities, corporate advisory and stock broking businesses to Axis Bank while it is understood that the asset management and insurance business of Enam is not a part of the transaction.

The financial advisors include Macquarie Capital Advisors for Axis Bank and Ican Advisors for Enam while Ernst & Young carried out their financial due diligence.

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