Private sector lender Axis Bank today said it will divest 10 percent stake stake in credit information company Experian India for Rs 64 crore. "The bank has signed an agreement for sale of 1.4 crore equity shares (10 percent of total outstanding shares) of Experian Credit Information Company of India (Experian India) at Rs 45.70 per share resulting in a total cash consideration of Rs 64 crore (transaction)," Axis Bank said in a regulatory filing.
Axis Bank said the completion of transaction is subject to regulatory approvals, including from the Reserve Bank. The bank said it is diluting its stake in the company as part of divestment, which is expected to get completed by April 2017. Experian India is registered with RBI to carry on business as a credit information company.
In fiscal ended March 2016, Experian's income stood at Rs 28.7 crore, while total assets were Rs 61.3 crore. Stock of Axis Bank today closed 0.88 per cent down at Rs 492.60 on BSE.
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