Axis BankBSE -1.59 % will sell its entire 10% stake in credit information company Experian India Credit Information Company to Mauritius-based investment firm WestBridge Capital for Rs 64 crore.
In a notice to the stock exchanges the bank said it had signed an agreement for sale of 1.40 crore of equity shares in the company at Rs 45.7 per share. The transaction requires regulatory approvals, Reserve Bank of India (RBI) the bank said.
“Axis had bought this stake when the credit bureau market was not as mature as it is today. Now in India we have four bureaus and even the bank need to maintain an equal relationship with them,” said a person familiar with the deal.
Besides Experian, there are three other credit bureaus in India namely, Credit Information Bureau of India Ltd (CIBIL), Equifax India and High Mark Credit Information Services.
