Enam Securities co-founder and chairman Vallabh Bhanshali was cited by PTI as saying that the firm has mandate for the deal, which has stuck in some procedural issues and may be complete this fiscal.
In November 2010, Enam Securities inked a deal with Axis Bank to dispose its brokerage and investment banking businesses for INR20670m ($420.7m) in an all-stock deal, while retaining asset management and portfolio management businesses of Enam.
The deal could not go ahead as the Reserve Bank of India (RBI) had objections on the terms of the deal, and asked Axis bank in July 2011 to rework on the terms of acquisition.
RBI had rejected the proposal over tax liability issues, in addition to the valuation and share exchange structure.
Although Axis’s brokerage subsidiary Axis Securities & Sales would buy Enam, but initially the bank would be paying for it with its own shares.
Under the initial proposal, the investment banking and equity capital markets businesses would be merged with a wholly-owned arm of the bank.
