AXIS Bank - Outcome Of Board Meeting

AXIS Bank Ltd has informed that the Board of Directors of the Bank at its meeting held on October 15, 2007, inter alia, has taken the following decisions:

1. To incorporate a Public Limited Company, as a wholly owned subsidiary of the Bank to undertake among others, the Trustee Services Business.

2. To incorporate an Asset Management Company as a subsidiary of the Bank to carry out the activities of Asset / Fund Management and Advisory and other related activities. It is also proposed to establish a Mutual Fund, in the form of a Trust, in accordance with the provisions of the SEBI (Mutual Funds) Regulations, 1996 and other applicable laws.

3. The incorporation of the above two subsidiary Companies and establishment of the Mutual Fund will be subject to the approval of the Reserve Bank of India, SEBI and other Regulatory Authorities.