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Axis Bank was set to acquire the broking and investment banking units of Enam Securities in a deal valued at about 22 billion rupees ($486 million), two sources with direct knowledge said on Wednesday.

The deal was likely to be announced at a news conference in Mumbai at 3.30 p.m. (1000 GMT), they said.

Officials at Mumbai-based Axis Bank and Enam Securities could not be reached immediately by Reuters for comment.

Local television channels said the deal would be an all stock transaction, and 5.7 shares of Axis Bank would be exchanged for each share in unlisted Enam Securities.

Shares in Axis Bank, valued at about $13 billion, closed 3.7 percent lower at 1,466.80 rupees on Tuesday in the main Mumbai market, which dropped 2.2 percent. The Indian markets were closed on Wednesday for a public holiday.

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