BOI eyes AXA's stake in JV; share price climbs 2%

Shares of Bank of India (BoI) climbed almost 2 percent on BSE in morning trade on December 31 after reports emerged that the company is eyeing to acquire AXA’s stake in BOI AXA Mutual Fund.

CNBC-TV18 reported, citing sources, that AXA is likely to have expressed intention to exit Indian MF space and BoI may acquire AXA's stake in their mutual fund joint venture.

BOI AXA MF had assets under management (AUM) of Rs 3,180 crore as on March 31, 2019, and BoI holds 51 percent while AXA holds 49 percent In BOI AXA MF.

In 2012, BOI acquired 51 percent in the then Bharti AXA Investment Managers. Bank Of India MF has the customer base of over 1.07 lakh investors.

Shares of Bank of India traded 1.51 percent up at Rs 70.75 on BSE around 10:45 hours IST.