Private sector lender Axis Bank on Wednesday said it has entered into a Share Purchase Agreement for sale of 100 per cent stake in its subsidiary, Axis Bank UK Limited to OpenPayd Holdings Ltd.
The agreement was entered on March 31, 2021 and the transaction is subject to approval by the UK Financial Regulator, the Prudential Regulation Authority (PRA), Axis Bank said in a regulatory filing.
The consideration or the value for the transaction would be the completion net asset value (book value of the bank on the date of completion), plus a fixed premium of $5,500,000, it further said.
Axis Bank said it expects the sale to be completed by September 30, 2021 subject to approval of ‘Change in Control’, received from the UK Financial Regulator, the PRA.