Question : Axis Bank has recently acquired over 57,700 shares in CSC e-Governance Services India Ltd for Rs 36.38 crore.CSC comes under —
(a)Ministry of Electronics and Information Technology
(b)Ministry of Communications
(c)Ministry of Information and Broadcasting
(d)Ministry of Statistics & Programme Implementation
Answer (a)
Related facts
- Axis Bank has recently acquired over 57,700 shares(9.91 percent equity stake) in CSC e-Governance for Rs 36.38 crores.
- It is actually a strategic investment by the Axis Bank and is expected to be completed by December 2020 for a cash consideration of Rs 36.38 crore.
Acquisition Summary
- Above mentioned acquisition pact is summarized as follows : —
| Acquirer | Axis Bank |
| No. of Shares | 57,743(a face value of Rs 1,000 each) |
| Acquisition rate | Rs 6,300 per equity share |
| Acquisition amount | Rs 36.38 crore |
| Stake | 9.91 percent |
| Transaction period | Completed by December 2020 (expected) |
CSC e-Governance Services India Ltd
- Common Service Centres (CSC) scheme is one of the mission mode projects under the Digital India Programme(Ministry of Electronics and Information Technology).
Performance
- Performance of the CSC is given below : —
| Performance Parameter | Year/duration | Value |
| Total Income | 2019-20 | Rs 1,105.49 crore |
| Total Assets | March 31, 2020 | Rs 1,495.93 crore |
| Share price(on the BSE) | 5 November 2020 | Rs 539.45 |
By — Pankaj Pandey.