by NR INDRAN / INT

The Board of Axis Bank at its meeting held today, considered and unanimously approved the transfer of the financial services business of Enam Securities Private Limited (Enam) in the following manner:

I)        The Enam financial services business will be demerged from Enam into the Bank by way of the Demerger under a Scheme of Arrangement and as a consideration for the Demerger, the Enam Shareholders will be issued 1,37,82,600 equity shares on the basis of the agreed swap ratio of 5.7 (Five point seven) equity shares of the Bank for every 1 (One) equity share of Enam.

II)       Immediately upon the completion of step (i) above and concurrent thereto, the Bank shall sell the Enam Financial Services Business to Axis Securities and Sales Ltd (ASSL), its wholly owned subsidiary, by way of the Sale under the said Scheme of Arrangement and ASSL shall pay the Bank a cash consideration of approximately Rs.274 crores, which represents the book value of the Enam Financial Serices Business.

The above actions are proposed to be undertaken pursuant to a Scheme which was tabled and approved by the BankⳠBoard at its meeting, and which was formulated in compliance with the conditions prescribed by the Reserve Bank of India in this behalf.

The said Scheme is subject to the receipt of necessary approvals under applicable law, including the approval of the shareholders and creditors of the Bank, Enam and ASSL, the relevant High Courts and the relevant regulators.

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The third contest is targeted at the young talent from advertising agencies. Teams comprising 3-4 members, between the age group of 22 – 29 years have to create a 2 minute video around the conference theme. The videos will be judged by a Committee chaired by the Organizing Committee of AdAsia 2011. The best video or film will be featured at the Gala evening at AdAsia 2011.

Commenting on the contests on Social Media, Mr. Madhukar Kamath, Group Chief Executive Officer & Managing Director, Mudra Group and Chairman, AdAsia 2011, said, “We are pleased to announce these contests revolving around the AdAsia 2011 theme – Uncertainty the New Certainty. I am very keen to understand from young marketers their perceptions and interpretations of the theme. I also believe that this is a great way to engage with the entire social media community.”

So far, AFAA has confirmed a total of 38 renowned and distinguished speakers at AdAsia 2011. Confirmation is awaited from a few more speakers/panelists that will take the total tally to around 50. The much awaited Congress will be held in India after a gap of eight years. The last Congress hosted by India was in 2003 in the pink city of Jaipur.

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