The State owned Bank of India has said it will acquire 49% stake each in BOI AXA Investment Managers (BAIM) and BOI AXA Trustee Services (BATS) from AXA investment Managers Asia Holdings (AXA IM)
About BOI AXA Mutual Fund
BOI AXA Mutual Fund is a joint venture between BoI (51 per cent stake) and AXA IM (49 per cent).
BOI Holdings
The bank currently holds 51% equity shares in BAIM and BATS.
After the transaction, the lender will hold 100% equity shares in the two firms
Transaction Clearance
The bank said the acquisition is expected to be completed by end of December or such other extended date mutually agreed between BoI and AXA 1M.
Company’s Financial Performance
BOI AXA Investment Managers Private Limited contributed a revenue of Rs22.45cr during the last financial year.
The total turnover of the company of Rs25.45cr, with the percentage of the turnover to total turnover standing at 88.21%.
BOI AXA Trustee Services Private Limited (BATS) contributed an income of Rs0.11cr during the last financial year.
Stock Market Impact
Bank of India was trading at Rs48.90 per piece up by Rs1.5 or 3.16% on the BSE, at around 3.00pm.
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