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Axis Bank Raises Fund Through Allotment Of Equity Shares To QIBs

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Axis Bank Raises Fund Through Allotment Of Equity Shares To QIBs
PTI - 11 August 2020

New Delhi, August 11: Private sector lender, Axis Bank Tuesday announced a fundraise of Rs 10,000 crore through allotment of equity shares to qualified institutional buyers (QIB).

The bank last week fizxed the floor price of Rs 442.19 per equity share for its proposed Rs 15,000-crore qualified institutional placement (QIP).

"The committee of whole-time directors of the bank at its meeting held today (Tuesday), has considered and approved the allotment of 238,038,560 equity shares at a price of Rs 420.10 per equity share (including a premium of Rs 418.10 per equity share),” Axis Bank said in a regulatory filing.

This takes into account a discount of five per cent to the floor price of Rs 442.19 per equity share, aggregating to Rs 10,000 crore, to successful eligible qualified institutional buyers, it stated.

The board of the bank had last month approved a fund raise plan of Rs 15,000 crore. The QIP was given a green signal by shareholders at the annual general meeting held on July 31, 2020, the bank said.

Meanwhile, shares of Axis Bank were trading 2.53 per cent higher at Rs 441.85 apiece on BSE.

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