Axis Bank Raises Rs 10,000 Crore Through Sale of Shares

Axis Bank Share: The shares were issued at Rs 420.10 per share. a discount of 5 per cent to floor price of Rs 442.19 per equity share, aggregating to Rs 10,000 crore.

Axis Bank Raises Rs 10,000 Crore Through Sale of Shares

Axis Bank Share Price: The QIP plan was approved by shareholders at annual general meeting.

Axis Bank said on Tuesday that it raised Rs 10,000 crore through allotment of equity shares to qualified institutional buyers (QIB) on August 10 at a price of Rs 420.10 per share. The shares were issued at a discount of 5 per cent (i.e. Rs. 22.09 per equity share) to the floor price of Rs 442.19 per equity share, aggregating to Rs 10,000 crore. Axis Bank, however, did not disclose the names of the investors.

Last week, the private sector lender Axis Bank had set a 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.

The board of the bank had last month approved plans to raise funds amounting to Rs 15,000 crore. The QIP plan was approved by shareholders at the annual general meeting held on July 31, 2020, the bank said.

At 11:40 am, the shares of Axis Bank were trading 2 per cent higher at Rs 439.80 on BSE, compared to the Sensex's gains of 0.6 per cent.