Private-sector lender Axis Bank Ltd has signed an agreement to sell its entire 10% stake in Experian Credit Information Co of India for Rs 64 crore ($9.5 million).
The bank will sell 14 million shares of Experian India at Rs 45.7 apiece, it said in a stock-exchange filing on Tuesday. It didn't identify the buyer.
The transaction is subject to requisite regulatory approvals, including from Reserve Bank of India. The deal is likely to be completed by April, the lender said.
Experian India is a joint venture among Experian Plc, Axis Bank, Union Bank of India, Indian Bank, Federal Bank, Punjab National Bank, Sundaram Finance Ltd and Magma Fincorp Ltd.
Experian Plc holds 49% of the Indian credit information provider. The UK company had sold a 51% stake in Experian India to the seven local partners in 2009.
Experian India was one of the first credit bureaus to start operations in India, in 2010. It competes with the likes of Credit Information Bureau (India) Ltd, which is majority-owned by Chicago-based TransUnion LLC. Another credit bureau is Equifax Credit Information Services, which is a joint venture among Equifax Inc and seven domestic financial institutions.
Experian Plc started operations in India in December 2006. In India, it also operates Experian Services India Pvt Ltd to provide decision analytics, marketing services and business information services.
Like this report? Sign up for our daily newsletter to get our top reports.