REG - Axis Bank Ltd Axis Bank Ltd (144A) - Update on acquisition of business undertakings

Axis BankAnnouncement

23/02/2023 15:30

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RNS Number : 8968Q  Axis Bank Limited  23 February 2023

AXIS/CO/CS/577/2022-23

 

February 23, 2023

 

Dear Sir(s),

 

Sub.: Update on acquisition of business undertakings

 

This is with reference to our letter no. AXIS/CS/CO/697/2021-22 dated March
30, 2022, intimating about the purchase of the Citibank's India Consumer
Business from Citibank N.A. (acting through its branch in India) ("CBNA") and
the NBFC Consumer Business from Citicorp Finance (India) Limited ("CFIL"), as
going concerns, without values being assigned to individual assets and
liabilities to either business, subject to fulfilment of specific conditions
and obtaining requisite approvals. Axis Bank had executed, inter alia,
business transfer agreements with CBNA ("CBNA BTA") and CFIL ("CFIL BTA") on
March 30, 2022.

 

We had also informed that subject to the satisfactory completion of the
customary and contractual conditions in accordance with the provisions of the
CBNA BTA and CFIL BTA, respectively, the transactions were anticipated to be
completed within 12 months or such other date as may be mutually agreed.

 

We had further intimated about receipt of approval from the Competition
Commission of India vide our letter no. AXIS/CO/CS/230/2022-23 dated July 26,
2022.

 

We now wish to inform you that both Parties have made progress on integration
and have obtained other requisite customer consents and approvals, as
applicable. Based on the progress made till date, we estimate a reasonable
possibility of completion of the acquisition by March 1, 2023, which is within
the timeline of 12 months indicated earlier by us, subject to satisfactory
completion of the customary and contractual conditions in accordance with the
provisions of the CBNA BTA and CFIL BTA, as referred above.  In case of any
change in the aforementioned timeline, we shall intimate you in due course.

 

This is for your information and records.

 

Thanking You.

 

With warm regards,

 

For Axis Bank Limited

Sandeep Poddar

Company Secretary

 

 http://www.rns-pdf.londonstockexchange.com/rns/8968Q_1-2023-2-23.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8968Q_1-2023-2-23.pdf)

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