Axis Bank board to meet on April 25 to consider raising funds; shares rise

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March 27, 2019 4:56 PM

After Axis Bank board said that it will consider fund raising on April 25, the shares of private lender rose to 52-week high of Rs 770, rising nearly 1.6 per cent intraday on NSE today.

The board will also approve the audited financial results for the quarter ending March and FY19 which ends on March 31, the lender said in a regulatory filing.

After Axis Bank board said that it will consider fund raising on April 25, the shares of private lender rose to 52-week high of Rs 770, rising nearly 1.6 per cent intraday on NSE today. The bank, in its regulatory filing, said that it will consider raising funds in Indian as well as foreign currency by issuing debt instruments at its two-day board meet starting next month.

The board will also approve the audited financial results for the quarter ending March and FY19 which ends on March 31, the lender said in a regulatory filing.

Also read: Tata Group checks into GMR Airports, to become 20% shareholder after major stake buy with Singapore GIC

The bank’s board will consider and approve “borrowing/raising funds in Indian currency/foreign currency by issue of debt instruments including but not limited to bonds and non-convertible debentures…,” it added.

Meanwhile, the bank had reported a 131 per cent jump in its net profit at Rs 1,681 crore for the third quarter ended December 2018 as against a net profit of Rs 726.44 crore in a year ago period.

According to the bank, net interest income (NII) was up 18 per cent at Rs 5603.6 crore against Rs 4,732 crore. Gross non-performing assets (NPA) was down at 5.75 per cent against 5.94 per cent, while net NPA was down at 2.36 per cent against 2.54 per cent on a quarter-on-quarter basis.

The shares of Axis Bank closed at Rs 760. 50 a piece, up 0.45 per cent or 3.40 points on the BSE.

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