Bank of India gains on acquiring 51% stake in Bharti AXA MF

08 May 2012 Evaluate

Bank of India is currently trading at Rs. 342.10, up by 2.85 points or 0.84% from its previous closing of Rs. 339.25 on the BSE.

The scrip opened at Rs. 342.75 and has touched a high and low of Rs. 343.80 and Rs. 339.25 respectively. So far 7,856 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 450.00 on 31-May-2011 and a 52 week low of Rs. 261.00 on 02-Jan-2012.

Last one week high and low of the scrip stood at Rs. 358.45 and Rs. 319.00 respectively. The current market cap of the company is Rs. 18,695.00 crore.

The promoters holding in the company stood at 62.72% while Institutions and Non-Institutions held 30.97% and 6.31% respectively.

Bank of India (BOI) and AXA Investment Managers Asia Holdings, a subsidiary of AXA Investment Managers, part of AXA Group has completed the formalities for acquisition of 51% of the equity stake of Bharti AXA investment Managers and Bharti AXA Trusteeship Services (Bharti AXA MF). The formalities for acquisition have been completed upon receipt of all regulatory approvals.

With the acquisition, Bharti Enterprises, which had about 25 percent stake in the fund house, has made an exit from the asset management business.  The bank has acquired 25 percent stake from Bharti Enterprises, while 26 percent from the AXA Investment Managers Asia Holdings. Further, with the transfer of the aforesaid stake the bank is re-entering mutual fund business.

Last year in December, Bank of India (BOI) and AXA Investment Managers Asia Holdings have agreed to enter into a joint venture in asset management business carried on by Bharti AXA Investment Managers (BAIM). BAIM is the asset management company to Bharti AXA Mutual Fund.

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