New Delhi: Axis Bank has put to rest speculation around a potential acquisition in the microfinance space, stating that it has neither submitted nor intends to submit a bid for a stake in CreditAccess Grameen Limited.
In a regulatory filing addressed to stock exchanges, the private sector lender said it was responding to “incoming queries” regarding reports of its possible participation in a stake purchase in the microfinance institution.
“The Bank has neither submitted nor is planning to submit any bid for a stake in CreditAccess Grameen Limited,” the statement said, adding that there is no material information requiring disclosure under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations.
The clarification comes at a time when consolidation chatter has been circulating in the financial services space, particularly around non-banking financial companies and microfinance players navigating funding costs and asset quality pressures.
CreditAccess Grameen, one of India’s prominent microfinance institutions, has often been seen as a strategic asset given its strong rural franchise and borrower base. Any potential stake sale in such an entity would naturally attract interest from banks seeking to deepen rural penetration.
However, Axis Bank’s categorical denial suggests that, at least for now, it is not exploring such a transaction.
By issuing a formal clarification, the bank appears keen to curb speculation that could otherwise influence its stock or create unwarranted expectations in the market.
The lender reiterated that it will continue to make disclosures in line with SEBI regulations whenever material developments arise.