Updates
This is to inform you that the Board of Directors at its meeting held on 26th July 2017, approved the re-appointment of Smt. Shikha Sharma as the Managing Director & CEO of the Bank for a period of 3 years, w.e.f. 1st June 2018, subject to compliance with the prescribed formalities and receipt of requisite regulatory/ statutory approvals. The brief profile of Smt. Shikha Sharma is also attached herewith for your ready reference. Acquisition
This is to inform you, pursuant to approval from the Board of Directors of the Bank accorded on Wednesday, 26th July 2017, the Bank has today entered into a Share Purchase Agreement ('SPA') with Jasper Infotech Private Limited ('Snapdeal'), to acquire 100 % equity capital of Accelyst Solutions Private Limited ('Accelyst') & Freecharge Payment Technologies Private Limited ('FPTPL') (Accelyst and FPTPL collectively referred to as 'Freecharge'), subject... Acquisition
This is to inform you, pursuant to approval from the Board of Directors of the Bank accorded on Wednesday, 26th July 2017, the Bank has today entered into a Share Purchase Agreement ('SPA') with Jasper Infotech Private Limited ('Snapdeal'), to acquire 100 % equity capital of Accelyst Solutions Private Limited ('Accelyst') & Freecharge Payment Technologies Private Limited ('FPTPL') (Accelyst and FPTPL collectively referred to as 'Freecharge'), subject... Freecharge sold to Axis for $60 million
Once the 'crown jewel' of Jasper InfoTech's (parent company of Snapdeal) portfolio, Freecharge, which till last year was the second largest mobile wallet player, has been sold to Axis Bank at almost one-tenth of the price.According to sources in Freecharge, the deal with Axis Bank, the country's third largest private sector lender has been fixed at between $50 million and $70 million. The Kunal Bahl and Rohit Bansal led ecommerce firm bought Freecharge in April 2015, for an estimated $400 million. At that time, it was touted as the largest buyout in the Indian startup ecosystem.The deal was finalised on Tuesday and the formal announcement would happen on Thursday. Axis Bank integrates has its own mobile wallet as well called Lime. While Axis Bank has sent out a formal invitation about a "strategic announcement" they would make on Thursday, no one could be contacted to confirm the buyout news. Freecharge and Snapdeal declined to comment on the issue. According to sources in the know, .. Outcome of AGM
Pursuant to the requirements of Regulation 44 (3) of the SEBI (LODR) Regulations, 2015, we submit herewith the details of the proceedings of the 23rd Annual General Meeting held today at 9.30 A.M. at, Ahmedabad, Gujarat, 380015 and that of the voting results in respect of all the resolutions as set out in the Notice dated 15th May, 2017.We are pleased to inform you that all the said resolutions have been passed by the Shareholders with the requisite... Axis Bank shares plunge 3%; m-cap falls by Rs 3,778 cr
Concerns over bad loans outside bank's 'watch list'
Axis Bank: In the shadow of bad loans
Even before Axis Bank's Q1 results, analysts have not been upbeat, with recent calls being largely sell or neutral. In the beleagured banking sector, there are few stocks with strong CASA ratios, whose NPAs/GNPAs have been falling (this screener shows the relatively healthy bank stocks). Axis Bank in particular is a once-star whose worsening fundamentals have had many investors worried. The bank reported a 16% year-on-year fall in its net profit for its Q1, and a low 2% growth in core income. it has seen slippages not predicted by its watchlist - a worrying indicator, implying that the bank itself doesn't truly know how bad the bad loans situation is going to get. Its exposure to sectors such as power may result in more slippages in the future. Axis also wrote off Rs 2,462 crore worth of loans in the quarter, more than 2x of last quarter. The RBI has also pulled up Axis Bank for divergences in its disclosures on bad loans - the Central bank calculated Axis' bad loan stock at Rs. 15,566 crore, far higher than the Rs. 9,478 crore the lender had reported in March 2016.
Axis Bank Q1 result: The fat lady is yet to sing on bad loans
Since its loan book quality is volatile, and this reflects in its Q1 result, has Axis Bank insured itself through provisions? Financial Results For Jun 30, 2017
This is to inform you that at the 177th meeting of the Board of Directors of the Bank held today, the Board has reviewed and approved the Unaudited Financial Results of the Bank, for the quarter ended 30th June 2017, which was subject to a Limited Review by the Statutory Auditors of the Bank. In this connection, we enclose herewith the said Financial Results, the Limited Review Report issued by the Statutory Auditors of the Bank, the Press... Amazon offers $80 mn to buy FreeCharge in a late bid, but Axis Bank still tops the race
Amazon offers $80 mn to buy FreeCharge in a late bid, but Axis Bank still tops the raceDevelopment comes on the heels of Axis Bank emerging as one of the frontrunners to buy Snapdeal's digital payments platform.