REG - Axis Bank Ltd - Cessation

Axis BankAnnouncement

15/12/2023 08:45

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RNS Number : 9773W  Axis Bank Limited  15 December 2023

AXIS/CO/CS/514/2023-24

 

December 15, 2023

Dear Sir(s),

REF.: DISCLOSURE UNDER REGULATION 30 OF THE SECURITIES AND EXCHANGE BOARD
OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015

 

SUB.: CESSATION OF ASHISH KOTECHA, AS A NON-EXECUTIVE (NOMINEE OF ENTITIES
AFFILIATED TO BAIN CAPITAL) DIRECTOR OF THE AXIS BANK LIMITED ("BANK")

 

This is in reference to our communication dated March 7, 2022, intimating that
the shareholders of the Bank had approved the resolution regarding appointment
of Ashish Kotecha (DIN: 02384614) as a Non-Executive (Nominee of entities
affiliated to Bain Capital) Director of the Bank, with effect from December
19, 2021 upto expiry of three (3) years i.e. upto December 18, 2024 or till
the time BC Asia Investments VII Limited, Integral Investments South Asia IV
and BC Asia Investments III Limited ("the entities affiliated to Bain
Capital") are directly holding in the aggregate at least two percent (2%) of
the equity share capital of the Bank on a fully diluted basis, whichever is
earlier.

 

In this regard, we would now like to inform you that as per the beneficiary
position dated December 14, 2023, received today from National Securities
Depository Limited and Central Depository Services (India) Limited, the direct
shareholding of entities affiliated to Bain Capital in the aggregate has come
down below two percent (2%) of the equity share capital of the Bank on a fully
diluted basis.

 

Consequently, Ashish Kotecha (DIN: 02384614), Non-Executive (Nominee of
entities affiliated to Bain Capital) Director of the Bank has ceased to be a
member of the Board of Directors (the Board) of the Bank, with effect from the
close of business hours of Thursday, December 14, 2023.

 

The Board and entire management team acknowledges the invaluable contributions
rendered by Ashish Kotecha during his tenure as a Non-Executive (Nominee of
entities affiliated to Bain Capital) Director and place on record their deep
appreciation for his contributions to the Board.

 

You are requested to take note of the above and arrange to bring it to the
notice of all concerned.

 

http://www.rns-pdf.londonstockexchange.com/rns/9773W_1-2023-12-15.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9773W_1-2023-12-15.pdf)

Thanking You.

 

Yours Sincerely,

For Axis Bank Limited

 

 

Sandeep Poddar

Company Secretary

 

CC: London Stock Exchange

       Singapore Stock Exchange

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