Axis Bank to acquire shares in CSC e-Governance for Rs 36 crore

Axis Bank has acquired over 57,700 shares in CSC e-Governance Services India Ltd for Rs 36.38 crore, the lender said on Thursday.

Axis Bank has executed a pact for subscribing to 57,743 equity shares of a face value of Rs 1,000 each to be issued by CSC e-Governance Services India Ltd at Rs 6,300 per equity share, the lender said in a regulatory filing.

CSC e-Governance Services India Ltd is a special purpose vehicle set up by the electronics and information technology ministry to oversee the implementation of the common services centre scheme.

The transaction is for 9.91 per cent equity stake in CSC e-Governance Services India Ltd as a strategic investment by the bank.

Axis Bank said the transaction is expected to be completed by December 2020 for a cash consideration of Rs 36.38 crore.

CSC e-Governance Services India Ltd had a total income of Rs 1,105.49 crore in 2019-20. Its total assets stood at Rs 1,495.93 crore as on March 31, 2020.

Shares of Axis Bank on Thursday closed at Rs 539.45 apiece on the BSE, up 2.74 per cent from the previous close.