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(From M2 Equity Bites)
M2 EQUITYBITES-April 30, 2012--Axis Bank to offload 25% stake of asset management unit (C)1994-2012 M2 COMMUNICATIONS http://www.m2.com
30 April 2012 - Indian Axis Bank (BOM:532215) will shed 25% of its asset management unit to UK asset manager Schroders plc (LON:SDR), the Mumbai-based lender said on Friday. Axis, India's third-biggest lender, declined to reveal the purchase price for the holding, saying only it was similar to recent deals in the local mutual fund sector. The transaction is seen to be wrapped up in the next four to six months, pending clearance by regulators, Axis said. The stake will be …