Bank Of India shares rise 4% on acquiring controlling stake in subsidiaries

bank of india

Bank Of India share price rose 4 percent intraday on December 3 after the bank said it is going to acquire the remaining 49 percent stake in its two subsidiaries.

Bank of India has entered into a share purchase agreement (SPA) with AXA investment Managers Asia Holdings Private Limited (AXA IM) whereby Bank of India has agreed to purchase AXA IM’s entire 49% equity shares in BOI AXA Investment Managers Private Limited (BAIM); and entire 49% equity shares in BOI AXA Trustee Services Private Limited (BATS).

Bank of India is holding 51% equity shares in BAIM and BATS.

The Transaction is proposed to be completed by end of December 2020 or such other extended date mutually agreed between Bank of India and AXA IM.

BOI AXA Mutual Fund is a joint venture between Bank of India and AXA Investment Managers, a part of AXA Group.

At 14:31 hrs Bank Of India was quoting at Rs 48.95, up Rs 1.50, or 3.16 percent on the BSE.

The share touched its 52-week high Rs 79.80 and 52-week low Rs 30.45 on 28 November, 2019 and 13 March, 2020, respectively.

Currently, it is trading 38.66 percent below its 52-week high and 60.76 percent above its 52-week low.

News Source:- Moneycontrol

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