AXIS BANK IN THE LEAD TO BUY OUT CREDITACCESS GRAMEEN BANK

has a made a bid to acquire the promoter’s stake of CreditAccess Grameen, namely CreditAccess India BV which holds a 66.28% stake in the microfinance major. It is understood that Axis Bank may have emerged as the lone bidder for the promoter’s stake in the leading MFI lender and if the process goes through, it will result in the bank taking a 100% stake in CreditAccess Grameen, thereby making it a subsidiary of the bank. Four years ago, Axis Bank had acquired Citibank’s retail business in India, so this time it is gearing up for another big buyout. The bank's stock price has already seen a surge of 25% in the last 6 months, showing strong momentum in the stock. Currently trading at an attractive P/E of 16, this makes it a strong opportunity for long term investment.