The Exchange has sought clarification from CREDITACCESS GRAMEEN LIMITED with respect to recent news item captioned Axis Bank said to be in the lead to buy out CreditAccess Grameen. The response from the Company is attached.
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The NSE has asked CreditAccess Grameen to clarify on a news report suggesting that Axis Bank is in the lead to buy out the company. CreditAccess Grameen is one of India's largest listed microfinance institutions, while Axis Bank is a major private-sector bank. The company has submitted its response to the exchange along with this filing. The actual contents of the company's response are attached but not detailed in the headline. This development comes amid reported consolidation interest in the Indian microfinance space.
If the buyout moves forward, it could be a major event for shareholders — potentially leading to a change in control and triggering an open offer to public shareholders at a premium. Until the company's official response is reviewed, the situation remains uncertain and the stock may see volatility on news flows.