Axis Bank to raise over Rs 6,000 cr via QIP, GDR route

Dec 17 2012, 22:11 IST
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SummaryThe board of the private sector lender has also approved to increase the authorised share capital of the bank.

The board of the private sector lender has also approved to increase the authorised share capital of the bank

Axis Bank today said it proposes 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 has also approved to increase the authorised share capital of the bank from Rs 500 crore to Rs 850 crore, Axis Bank said in a BSE filing.

Shares of Axis Bank closed at Rs 1,359.75 per unit, up 0.5 per cent on the BSE.

The bank would be able to raise about Rs 6,228 crore at today's closing price.

The board approved to raise Tier-I capital of the bank by issue of equity shares not exceeding 4.58 crore equity shares through GDRs or QIP issue and preferential issue to promoters of the bank.

The decision will be subject to approval of shareholders, Reserve Bank and other regulatory authorities as may be required, it added.

Earlier this month, Axis Bank raised USD 20 million (about Rs 108 crore) from overseas bonds.

The fund was raised under the medium-term note (MTN) programme through its Hong Kong branch.

Meanwhile, the bank launches e-Gift Card which offers customers an alternate channel through which they can buy a gift card for their dear ones.

Domestic customers can purchase these online e-Gift Cards using their credit or debit card issued by their respective bank, the bank said in a statement.

This card is an online version of the physical plastic gift card can be sent via email or SMS to recipient, who can then use it to purchase anything online across categories like apparels, airline tickets, books, etc.

The validity of the card is 1 year from the date of issuance.

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