Axis Bank has signed an agreement for sale of 1,40,00,000 equity shares (10% of total outstanding shares) of face value of Rs 10 per share of Experian Credit Information Company of India (Experian India) at Rs 45.7 per share, resulting in a total cash consideration of Rs 64.00 crore. The above transaction is subject to requisite regulatory approvals, including from Reserve Bank of India (RBI). Experian India is registered with RBI to carry on business as a credit information company, pursuant to section 5 of Credit Information Companies (Regulation) Act, 2005.
The Bank has reported 73.36% fall in its net profit at Rs 579.57 crore for third quarter ended December 31, 2016, as compared to Rs 2175.30 crore for the same quarter in the previous year. However, total income of the Bank increased by 15.72% at Rs 14501.21 crore for Q3FY17 as compared Rs 12531.11 crore for the corresponding quarter previous year.
The Bank’s gross NPA for the October-December quarter of the current fiscal increased to 5.22%, as compared to 1.68% in the same quarter of the previous year. Besides, Bank’s Net NPA stood at 2.18% in Q3FY17.