Axis Bank shares gain; stake sale attracts strong demand

Last Updated: Tue, Jan 29, 2013 04:16 hrs

India's Axis Bank rose as much as 3.7 percent to its highest intraday level in more than two years on Tuesday as dealers cited good demand for a share sale of up to $1 billion.

The Indian private sector lender on Monday was planning to raise as much as $1 billion through a qualified institutional placement, sources with direct knowledge of the matter told Reuters.

Axis Bank shares were up 3.2 percent at 0354 GMT after earlier gaining to as much as 1,465.35 rupees, its highest level since Nov. 18, 2010.

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