Axis Bank share sale offer begins

Axis Bank

Axis Bank today began sale of shares to institutional investors, through which it expects to raise around Rs 6,000 crore.

In respect of the proposed placement of equity shares with Qualified Institutional Buyers the bank has decided to open the issue on January 28, 2013, Axis Bank said in a filing to the BSE.

Earlier this month, the private bank had appointed Citigroup and JP Morgan Chase as investment bankers for raising funds of about Rs 6,000 crore.

According to sources, the bank had also roped in Axis Capital, the investment banking arm of the bank as advisor.

Axis Bank passed an enabling resolution to raise funds through equity sale in December.

As per the board decision taken last month, the bank proposed to raise funds by offering 4.58 crore shares by various means, including Qualified Institutional Placement (QIP) or Global Depository Receipt (GDR).

The board of the private sector lender had also approved raising the authorised share capital of the bank from Rs 500 crore to Rs 850 crore.

Please read our terms of use before posting comments
TERMS OF USE: The views expressed in comments published on indianexpress.com are those of the comment writer's alone. They do not represent the views or opinions of The Indian Express Group or its staff. Comments are automatically posted live; however, indianexpress.com reserves the right to take it down at any time. We also reserve the right not to publish comments that are abusive, obscene, inflammatory, derogatory or defamatory.