Axis Bank share sale offer begins

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.

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