Private lender Axis Bank said on Friday its board has approved the buy of

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investment banking and equities businesses of Enam Securities.

The deal will involve the demerger of Enam Financial Services from Enam into Axis, it said in a statement to the exchange.

Enam shareholders will be issued 13.7 million shares on the basis of the agreed swap ratio of 5.7 shares of the bank for every one share of Enam, the statement said.

Axis Bank will then sell Enam Financial Services Business to ASSL, its wholly owned unit, which will pay Axis Bank 2.74 billion rupees, the statement added.