WebSify
Follow us on
Mail
Print

Axis Bank opens $1-bn share issue

Source : BUSINESS_STANDARD
Last Updated: Mon, Jan 28, 2013 20:13 hrs

 

Axis Bank, India’s third largest private sector lender, has launched its $1-billion share issue last evening. The issue was priced at Rs 1,390 a share. The issue involved selling of 39.90 million shares to institutional investors and promoters, said sources familiar with the development.

 

"There are two parts to this issue. The bank will raise Rs 5,546 crore (over $1 billion) by selling 39.90 million shares,” a banker requesting anonymity told Business Standard before the issue opened.

Axis Bank was planning to sell 34 million shares through a qualified institutional placement. The bank had decided to allot the remaining 5.90 million shares to promoters on a preferential basis. Citibank, JP Morgan and Axis Capital were advisor to this transaction.

The bank's board had approved this fund raising programme at a board meeting on December 17, 2012. Axis Bank's senior management team had travelled abroad last week to conduct road show for this transaction. The private lender had closed the October-December 2012 quarter with a capital adequacy ratio of 13.73 per cent.

Axis Bank shares gained 2.2 per cent in Monday’s trade and closed at 1,416.50 on the National Stock Exchange.



blog comments powered by Disqus
most popular on facebook
talking point on sify finance