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Axis Bank Ltd has said that its equity shareholders and unsecured creditors have approved the scheme of arrangement between Axis Bank, Enam Securities Private Ltd and Axis Securities and Sales Ltd and their respective shareholders and creditors.
The meeting was held on June 23 at Ahmedabad on the directions of the High Court of Gujarat at Ahmedabad. The Chairman appointed by the court for the meeting would file his report on the meeting with the Gujarat High Court, the bank said in a communication to the stock exchanges.
In November 2010, Axis Bank had announced that the investment banking and equity capital markets business of Enam Securities would be merged with Axis Securities and Sales Ltd, a wholly-owned subsidiary of the bank in all-share deal.
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