Axis Bank's board of directors approved the amendment to the Investment Agreement with BC Asia Investments VII Limited, Integral Investments South Asia IV and BC Asia Investments III Limited.
In its regulatory filing, Axis Bank said, "We wish to inform you that the Board at its meeting held today viz. 27th July 2021, has approved an amendment to the Investment Agreement and that in terms of the said amendment, the right of Bain to appoint Nominee Director has been extended for a further period of 3 (three) years on such terms and conditions as may be mutually agreed upon between Bain and the Bank."
In November 2017, Axis Bank approved the execution of the Investment Agreement between the Bank and BC Asia Investments VII Limited, Integral Investments South Asia IV and BC Asia Investments III Limited (Investment Agreement).
As per the agreement signed in 2017, BC Asia Investments VII Limited, Integral Investments South Asia IV and BC Asia Investments III Limited (Bain) shall have the right to jointly nominate for appointment of 1 (one) non-retiring non-executive director on the Board of Directors of the Bank for 4 years, from 19th December 2017.
At around 2.25 PM, Axis Bank is trading at Rs719.30 per piece down by 1.7% on Sensex.