Tue. Nov 29th, 2022

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

Axis Bank to raise Rs. 15,000 crore via share sale

2 min read

The country’s third largest private lender, Axis Bank Ltd., on Thursday said that the bank will raise up to 15,000 crore. Its board has approved the fund-raising through the issuance of various instruments.

The bank will now raise the money through issuance of equity shares or depository receipts, or any other convertible securities linked to equity shares, Axis Bank said in an exchange filing.

On Thursday, Axis Bank said it will raise the money through a qualified institutions placement (QIP) or issuance of American depository receipts (ADRs) or a global depository receipts (GDRs) programme. The bank may also adopt the preferential allotment route to raise the capital. The mode of capital raising will be subject to the approval of the board and the bank’s shareholders at the ensuing 26th Annual General Meeting of the bank.

At 11:15 am, Axis Bank was trading at 424 down 2.14% from its previous close, while the benchmark index, Sensex gained 0.93% to 35745.39. From the beginning of the year, Axis Bank lost 44% against a drop of 13% in the benchmark index, Sensex. From the March lows, Axis Bank gained 49% and Sensex was up 36%.

“Some private equity players, including Carlyle, KKR and Fidelity, have shown interest to buy Axis Bank shares in the proposed QIP. Even Bain Capital, which already holds shares in Axis Bank, is keen to increase its investment in the bank,” said a person aware of the matter.

With its latest move, Axis Bank has joined the trend of equity capital raising, which is being followed by many other banks to bolster their capital buffers for the future.

Leave a Reply

Forex trading and any instruments related to Foreign Exchange Market are Speculative and carry substantial risk of loss of either partial equity or the entire deposit amount. Leverage adds up to the risk, before considering to invest in this venture, you should first consider your financial position and may seek the help of an independent financial advisor. FXtriangle dis-recommends the usage of loan instruments to trade in this market as it can hamper financial position. Please do not invest the money that you cannot afford to lose. FXtriangle provides all its services throughout the Globe Excluding (Nigeria, British Virgin Island & the Islamic Republic of Iran) and also provides limited service in some jurisdictions where investment in Overseas markets / Fx Exchanges are prohibited by Law If you are not sure to contact us before using any of our services. FXtriangle acts as an Independent Corporate Financial Advisor and connects you to various overseas exchanges and cannot be held liable for any financial damage occurring through their side. All of our partnered institutions are regulated in various jurisdictions.FXtriangle conducts an independent background check before partnering with any institutions to fulfill your investment objectives smoothly. The usage of our Business name, Logo or any trademark in any financial forum, website, review website, complaint arena, Billboards without our written permission will attract lawsuits.