Axis Bank to raise Rs. 15,000 crore from QIP

Axis Bank to raise Capital to the tune of $1.2 Billion

The country’s third largest private Bank, Axis Bank Ltd., issued a statement that the bank will raise up to ₹15,000 crore as Its board has approved the fund-raising through the issuance of various instruments.

In a statement on June 29, Axis Bank said the board would “explore the option of raising funds by issue of equity shares/ depository receipts and/or any other instruments or securities representing either equity shares and/or convertible securities linked to equity shares including through Qualified Institutions Placement (QIP)/ American Depository Receipts (ADRs)/ Global Depository Receipts (GDRs) program, preferential allotment or such other permissible mode or combinations thereof.”

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This move of raising 1.2 billion dollars is scheduled to be finalized in the shareholders 26th Annual General Meeting. The current move is undertaken to maintain a steady cash flow in the current depression. The bank had also raised Rs. 12,500 crore through QIP in September, 2019.

On July 2, 2020 15:09 the stock was quoted at Rs. 423.60 on the NSE. From the March lows, Axis Bank gained 49% and Sensex was up 36%.