AXIS – ENAM: TRANSACTION STUDY. DEEPAL GANDHI & SHRAY KAMBOJ CORPORATE TEAM. 30.09.2011. THE REAL STORY: HOW THE IDEA WAS CONCEIVED. ICICI BANK . K V Kamath , MD & CEO of ICICI Bank. JOINED AXIS BANK . Chanda Kocchar. Shikha Sharma.
DEEPAL GANDHI & SHRAY KAMBOJ
K V Kamath, MD & CEO of ICICI Bank
JOINED AXIS BANK
KV Kamath, Former MD & CEO of ICICI Bank retired on 30th April 2009.Chanda Kocchar & Shikha Sharma were the top contenders for the post. Shikha Sharma lost to ChandaKocchar and resigned to join as CEO of Axis Bank.
Anil Singhvi , Former Gujarat Ambuja CEO
Namura Securities Co, Japan
Enam was scouting for funds with Namura, Japan but the deal could not happen due to over valuation. Enam was founded in 1984 by ManekBhansali, Nimesh Shah, VallabhBhanshali and Jagdish Master, who were referred to as the ‘Formidable Four’ of Dalal Street.
Deal announced- 17th Nov 2010
consideration 3.3% Equity
wholly owned subsidiary
demerge IB & security business
Valued at 2067 Cr
AXIS SECURITIES AND SALES (ASSL)
Consideration 3.3% Equity
Pay 274 cr cash equivalent to bookvalue of Enam business
SELL ENAM SECURITIES
ASSL (wholly owned subsidiary of axis bank)
*FIDCI - Annual Survey Feb 2010, "Indian Banking Sector: The current state and road ahead"