Axis-Enam integration may be completed in Q4

Axis Bank on Saturday said it aims to complete integration of Enam Securities' business in the fourth quarter (January-March) of this financial year. "It is still a work-in-progress. We are still in the stage of seeking regulatory approvals from courts and other authorities.

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It is unlikely to happen by the end of this calendar year. We are hoping it will happen in the last quarter," Somnath Sengupta, executive director and chief financial officer of the bank, said after announcing the bank's second quarter earnings. In September, nearly 10 months after it announced acquisition of Enam's business, Axis Bank said it will buy the brokerage's operations in an all-stock deal and then sell the business to its arm, Axis Securities and Sales, for Rs 274 crore in cash. The amount represents the book value of Enam's financial services business. The bank had revised the structure of the deal after the Reserve Bank of India expressed discomfort over the structure of the original transaction.