Axis Bank falls after signing agreement for acquiring partial stake in ACRE

India Infoline News Service | Mumbai | September 19, 2016, 16:36 IST

The bank has signed a Share Purchase Agreement with IFCI for acquistion of 73,28,334 equity shares (13.67% of total outstanding shares) of face value of Rs.10 per share in Assets Care and Resconstruction Enterprise Ltd (ACRE) from IFCI at Rs.31 per share, resulting in a total cash consideration of Rs.22.72 crore.

Axis Bank
Axis Bank Ltd ended at Rs. 594.45, down by Rs. 6.7 or 1.11% from its previous closing of Rs. 601.15 on the BSE. The bank has signed a Share Purchase Agreement with IFCI for acquistion of 73,28,334 equity shares (13.67% of total outstanding shares) of face value of Rs.10 per share in Assets Care and Resconstruction Enterprise Ltd (ACRE) from IFCI at Rs.31 per share, resulting in a total cash consideration of Rs.22.72 crore.

The scrip opened at Rs. 602.05 and touched a high and low of Rs. 606.15 and Rs. 593.1 respectively. A total of 5576471 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 143641.08 crore.

The BSE group 'A' stock of face value Rs. 2 touched a 52 week high of Rs. 638 on 07-Sep-2016 and a 52 week low of Rs. 366.65 on 18-Jan-2016. Last one week high and low of the scrip stood at Rs. 611.95 and Rs. 583.75 respectively.

The promoters holding in the company stood at 29.71 % while Institutions and Non-Institutions held 57.25 % and 9.47 % respectively.

The stock traded above its 50 DMA.

***Note: This is a NSE Chart

 

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