Axis Bank and Enam combine their investment banking and equities businesses

Mumbai, November 17, 2010: The Boards of Axis Bank Limited (“Axis”) and Enam
Securities Private Limited (“Enam”) are pleased to announce that they have agreed to
combine their Investment Banking and Equities businesses. Accordingly, it is proposed that
Enam Securities will demerge its investment banking, institutional equities, retail equities and
related businesses such as distribution of financial products and loans against shares, among
others to Axis Securities and Sales Limited (“ASSL”), a wholly owned subsidiary of Axis
Bank pursuant to a Scheme of Arrangement. The proposed transaction has also been approved
by the Board of Directors of ASSL.

Pursuant to the Scheme and in consideration for the proposed demerger, Enam shareholders
will receive shares of Axis Bank in the ratio of 5.70 shares of Axis for every 1 share held in
Enam, translating into an approximately 3.37% shareholding in Axis Bank.

The proposed transaction is subject to the requisite regulatory approvals including approvals
from the RBI, SEBI, Stock Exchanges and the High Courts of Gujarat and Maharashtra and
from the shareholders and creditors of the respective companies.

The proposed transaction would create one of India’s leading financial services powerhouses
combining the investment banking and equities franchise of Enam Securities with the
dominant debt capital markets and commercial banking franchise of Axis Bank. The strategic
objective is to create a complete bouquet of financial products and services for corporate,
institutional and individual clients that will enhance the ability of the combined business to
better serve client needs in a seamless manner across product categories and geographies.
With Axis’s distribution platform of over 1,100 branches and Enam’s extensive retail network,
the combined business will have an unparalleled opportunity to build a dominant retail
franchise as well.

The Board of Axis proposes to invite Mr. Vallabh Bhanshali, the Co-founder and Chairman
of Enam, as an independent director, subject to necessary approvals. Mr. Manish Chokhani
would be the MD & CEO of ASSL while Mr. Jagdish Master will provide guidance as a
board member of ASSL, subject to necessary approvals.

Commenting on the proposed transaction, Ms. Shikha Sharma, Managing Director & CEO of
Axis said “This transaction is in line with Axis’s strategy of continuously expanding its
product and service offerings to its customers in order to deepen its relationships and value
differentiators. We are delighted at the prospect of combining forces with Enam Securities, a
pre-eminent name in the investment banking and advisory field, to create an Indian financial
services power house at a time when India has occupied the world’s centre-stage and is poised
for years of rapid growth.

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The model we are adopting has demonstrated its resilience and superiority globally. We are
excited at the prospect of building on Enam’s enviable reputation for bringing exciting new
companies to the markets and for its deep and long lasting relationships with corporate houses
as well as with institutional and individual investors that have benefited from their services
over the years. We believe that there are significant synergies, negligible overlaps and a
strong cultural fit between the two organizations. Enam’s team is highly regarded in the
markets and we look forward to welcoming them into the Axis family”.

Mr. Vallabh Bhanshali, Chairman of Enam Securities stated that, “We have built Enam as a
knowledge based, client focused, pure agency business that has helped us in retaining core
values and quality while delivering some landmark deals to the country. Our business model
of knowledge and relationship orientation was well poised in the Indian markets that are
experiencing unprecedented global attention. We could either build out further products and
geographic capabilities, or choose to combine with a like minded complementary institution.
In Axis Bank, we found the perfect fit and have chosen this path in order to provide greater
value to our clients and greater opportunity of growth for our employees. Enam’s
shareholders have demonstrated their confidence in the combination by their acceptance of
Axis Bank shares in exchange of their ownership of the painstakingly built investment bank.
They shall continue to provide assistance to the new entity that is poised to dominate the
Indian financial services landscape.”

Enam Group and Axis shall continue their respective buy-side and investment management
businesses separately, which are not part of this proposed transaction.

The Boards of Axis and Enam respectively considered the independent valuation reports of
Haribhakti & Co, Chartered Accountants and HU Consultancy for determining the number of
shares to be issued for the demerger.

Amarchand & Mangaldas & Suresh A. Shroff & Co. are the legal advisers and Macquarie
Capital Advisors are the exclusive financial advisers to Axis on the transaction. Ernst &
Young was engaged by Axis to carry out the financial due diligence review.

AZB & Partners are legal advisers and Ican Advisors are the exclusive financial advisors to
Enam for the transaction.

About Enam Securities Ltd.

Enam is one of the leading investment banking and securities firms in India with 450
employees and offices in 12 cities. It has deep relationships with a marquee list of companies
and institutional investors as well as a dominant retail distribution franchise.

Enam Investment Banking is a leader in the Indian Equity Capital markets and has been a
lead manager (by value) to approximately 50% of all new public offerings of equity in India
over the last decade. It has brought to market more than 75 companies in the last five years
alone. It has deep and long lasting relationships with most of the leading business houses in
the country even as it has brought to market some of the most innovative and young
companies that have grown into sector icons.

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Enam Institutional Equities is one of the leading institutional brokers with over 200 active
clients across the world. It is well regarded for its insightful research and global reach. It leads
in QIB mobilisation with an approximate 20% share of all institutional demand across all
public offerings.

About Axis Bank Ltd.

Axis Bank is the third largest Private Sector Bank in India and Top-Twelve among all banks
in terms of Balance Sheet size as of 31st March, 2010. The Bank offers a vast spectrum of
services encompassing Large and Mid-Corporate Banking, Agriculture & SME Banking,
Business Banking, Retail Banking and International Banking. As of September 30, 2010, the
Bank has a network of 1,108 branches and 4,846 ATMs across the country. The branches,
spread across more than 676 cities and towns, enable the Bank to reach out to a large cross-
section of customers with an array of products and services catering to both the retail and the
corporate segment. The Bank has presence in Singapore, Hong Kong, Shanghai and Dubai.

As of September 30, 2010, the Bank had a balance sheet size of Rs. 199,833 crores and had a
net profit of Rs. 1,477 crores. Axis Bank’s equity market capitalization on September 30,
2010 was approximately Rs. 62,823 crores. The Bank’s capital adequacy ratio was 13.68%
under Basel II.

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For further information please contact:

Axis Bank

Anand H. Mugad
+91 22 6707 1589
anand.mugad@axisbank.com

Index PR
Pradeep Ghorpade / Tayyab Imadi / Salil Dhar
+91 9820267858 / 9967212492 / 9967000839
pradeep@indexpr.com / tayyab@indexpr.com / salil.dhar@indexpr.com

Enam Securities

Hanmer MSL
Sunil Gautam / Vipul Bondal
+91 98200 33755 / +91 99203 84555
sunilgautam@hanmermsl.com / vipul@hanmermsl.com

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