REG - Axis Bank Ltd Axis Bank Ltd (144A) - OUTCOME OF BOARD MEETING HELD ON 27TH JULY 2021

Axis BankAnnouncement

27/07/2021 15:20

RNS Number : 6523G
  
Axis Bank Limited
  
27 July 2021
  
 

AXIS/CO/CS/190/2021-22
 
27th July 2021


Dear Sir(s),
 
SUB:  OUTCOME OF BOARD MEETING HELD ON 27TH JULY 2021
REF: REGULATIONS 30 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 ('SEBI LISTING REGULATIONS')
 
This has reference to our letter no. AXIS/CO/CS/597/2017-18 dated 10th November 2017, wherein we had inter alia, informed that the Board of Directors of the Bank (the Board) have approved execution of Investment Agreement between the Bank and BC Asia Investments VII Limited, Integral Investments South Asia IV and BC Asia Investments III Limited (Investment Agreement). We had further informed that in terms of the Investment Agreement, BC Asia Investments VII Limited, Integral Investments South Asia IV and BC Asia Investments III Limited (Bain) shall have the right to jointly nominate for appointment of 1 (one) non-retiring non-executive director on the Board of Directors of the Bank for a period of 4 years, from 19th December 2017.
 
We wish to inform you that the Board at its meeting held today viz. 27th July 2021, has approved amendment to the Investment Agreement and that in terms of the said amendment, the right of Bain to appoint Nominee Director has been extended for a further period of 3 (three) years on such terms and conditions as may be mutually agreed upon between Bain and the Bank. 
 
Further, the Nominee Director shall be liable to retire by rotation, in terms of Section 152 of the Companies Act, 2013.
 
You are requested to kindly take note of above and arrange to bring it to the notice of all concerned.
 
Thanking You. 
 
Yours Sincerely,
For Axis Bank Limited 
     
 
 
Girish V. Koliyote
Company Secretary

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