Axis Bank said that the bank has executed an agreement for subscribing to 57,743 equity shares of face value of Rs 1,000 each to be issued by CSC e-Governance Services India at Rs 6,300 per equity share.
The transaction is for 9.91% equity stake for a cash consideration of Rs 36.38 crore in CSC e-Governance Services India as a strategic investment by the bank, Axis Bank said. The transaction is expected to be completed by December 2020.
CSC e-Governance Services India is floated under Common Service Centers Scheme of the National e-Governance Plan to perform various functions such as monitoring of Common Service Centers, provide support for government to citizen and business to citizen service delivery. It had a total income of Rs 1,105.49 crore in 2019-20. Its total assets stood at Rs 1,495.93 crore as on March 31, 2020.
The announcement was made after market hours yesterday, 5 November 2020. Shares of Axis Bank rose 2.74% to settle at Rs 539.45 yesterday.
Axis Bank is a private sector bank. As on 30 September 2020, the bank had a network of 4,568 domestic branches and extension counters situated in 2,582 centres along with 11,821 ATMs and 5,606 cash recyclers spread across the country.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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