Axis Bank shares gain, stake sale attracts strong demand

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Axis Bank shares rose as much as 3.7 per cent to its highest intra-day level. (Reuters) Axis Bank shares rose as much as 3.7 per cent to its highest intra-day level. (Reuters)
SummaryAxis Bank shares rose as much as 3.7 per cent to its highest intra-day level.

Axis Bank shares rose as much as 3.7 per cent to its highest intra-day 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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