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Shares of Axis Bank and Info Edge (India) jumped sharply in early trade on Wednesday, as both have announced the opening of qualified institutional placement (QIP) issues.
Private sector lender Axis Bank on Tuesday launched its QIP with a floor price of ₹442.19 apiece and offered a discount of 5 per cent on the floor price. It is looking to raise about ₹10,000 crore of funds, for which it sought shareholder approval at its recent annual general meeting.
“The meeting of the committee will be held on Monday, August 10, 2020, to consider and approve, among other things, the issue price for the equity shares proposed to be issued,” it said in a regulatory filing.
Similarly, the board of Info Edge (India) on Tuesday approved the opening of a QIP issue and fixed the floor price at ₹3,177.18 a share. The company's board, which will meet on August 7 to finalise the price, may announce a discount of 5 per cent to the floor price.
On June 23, 2020, the board of Info Edge had approved the raising of up to ₹1,875 crore through a QIP. With the funds, Info Edge aims for strategic acquisitions in the aftermath of Covid-19.
Currently, shares of Axis Bank are ruling at ₹443.40, up 3.4 per cent, and those of Info Edge gained over 6 per cent at ₹3,395.70 on the BSE.
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