Axis shareholders pay for Enam shareholders’ wealth creation
As Enam promoters bow out with one of their greatest trades ever, high-risk financial takeovers by banks a la Wall Street invades India
Axis Bank, which has so far stayed away from the stock-broking business and has had an insignificant presence in the investment banking business, is paying out Rs2,100 crore in shares to buy Enam Financial. The deal will catapult Axis into the highly competitive business of broking and investment banking, but what can Axis get out of Enam, a highly entrepreneurial and secretive boutique firm?
Enam will be a 100% subsidiary of Axis and, according to Axis, the entire talent pool of Enam will move into the Axis fold. The question is, will the talent pool stay? If not, what is the value of Enam, especially minus the top Enam team? Enam has worked all these years to develop extraordinary market insights, business relationships with scores of owners and their finance heads, as well as institutional investors. For more visit: www.Moneylife.in
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