Axis acquires Enam Securities

1. November 2010
Axis Bank envisions a Rs 2,067 crore share-swap deal with the broking and investment banking businesses of Enam Securities.

2. April 2011
RBI specifies a revised scheme of accounting, a change in the structure of the institutional broking business of Enam.

3. July 2011
Axis seeks modifications to the RBI approval. No financial effect of the acquisition is recorded in the first quarter.

RBI

4. August 2011
RBI disapproves of the induction of Enam Chairman Vallabh Bhansali as an independent director.

5. September 2011
RBI approves Axis Bank's revised plan to acquire Enam Securities, allows Enam shareholders to receive Axis Bank shares

Anamika Butalia