Axis bank elevates Agrawal as deputy MD

The board of directors of Axis Bank has elevated its executive director MM Agrawal to the post of deputy managing director.

Written by fe Bureaus

August 5, 2009 22:34 IST

The board of directors of Axis Bank has elevated its executive director (corporate banking) MM Agrawal to the post of deputy managing director.

?MM Agrawal?s elevation as the deputy managing director will further strengthen the top management team of the bank and take it to the next growth orbit,? Axis Bank managing director & chief executive officer Shikha Sharma said.

This is the first senior level promotion after Shikha Sharma had taken over as the managing director and CEO of the bank.

The board meeting also passed an enabling resolution that will allow the bank to raise up to 7.14 crore equity shares (up to 20% of the present paid-up capital). At present the bank has Rs 359 crore paid-up capital. The resolution indicates that the bank is likely to raise around Rs 72 crore whenever required.

A senior Axis Bank executive said that the board has mandated the bank to raise money domestically or through a overseas route at an appropriate time to support future growth. ?We will test the waters and would go for fund raising at a premium, whenever the time is ripe,? he said.

The bank?s capital adequacy ratio as on June 30, 2009 was 15.28%. Axis Bank scrip closed on BSE at Rs 894.65 on Tuesday.

This article was first uploaded on August five, twenty nine, at thirty-four minutes past ten in the night.