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BOI to acquire 49% stake in subsidiaries

December 05, 2020

BOI to acquire 49% stake in subsidiaries

Bank of India (BOI) rose 2.85% to ₹48.75 after the nation-owned bank stated it will collect 49% stake each in BOI AXA Investment Managers (BAIM) and BOI AXA Trustee Services (BATS) from AXA investment Managers Asia Holdings (AXA IM).

Following the transaction, each of the entities, BAIM and BATS, will become BOI’s completely owned subsidiaries. The bank presently holds 51% fairness stocks in BAIM and BATS. The transaction is proposed to be finished by using the stop of December 2020 or such a different extended date together agreed among Bank of India and AXA IM.

BOI AXA Mutual Fund is a joint task among Bank of India and AXA IM, part of AXA Group. As of 30 September 2020, the mutual fund has ₹2,251 crores worth of assets underneath management. It offers 14 specific open-ended schemes and a couple of close-ended schemes.

BAIM had a total turnover of ₹25.45 crores in the final economic year. Whereas, BATS has a total turnover of ₹0.12 crore.

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