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Axis Bank is going to buy 13.67 percent stake in Assets Care and Reconstruction Enterprise (ACRE) from IFCI Ltd for Rs 22.72 crore.
Both the companies have completed the share purchase agreement for the stake transfer.
Axis Bank has said in a release that “The Bank has signed a share purchase agreement with IFCI for acquisition of 73, 28,334 equity shares (13.67 percent of total outstanding shares) of face value of Rs 10 per share in Assets Care and Reconstruction Enterprise Limited from IFCI at Rs 31 per share, resulting in a total cash consideration of Rs 22.72 crore.”
The transaction is subject to regulatory approvals including that of Reserve Bank.
