Money & Banking

Axis Bank board to meet on July 2 to explore fund raising

Our Bureau Mumbai | Updated on June 30, 2020 Published on June 30, 2020

The board of directors of private sector lender Axis Bank will meet on July 2 to look at fund-raising plans.

While the bank did not specify the amount of capital it is looking to raise, its board had earlier in April approved a proposal to raise up to ₹35,000 crore through debt instruments, including long-term bonds, non-convertible debentures, perpetual debt instruments, Tier-II capital bonds and such other debt securities as may be permitted under RBI guidelines, from time to time.

“The meeting of the board of directors of Axis Bank will be held on Thursday, July 2, 2020 to, inter alia, explore the option of raising funds by issue of equity shares/depository receipts and/or any other instruments or securities representing either equity shares and/or convertible securities linked to equity shares including through Qualified Institutions Placements (QIPs)/ American Depository Receipts (ADRs)/Global Depository Receipts (GDRs) programme…,” it said in a regulatory filing on Monday.

In a separate filing, Axis Bank said the board has approved appointment of TC Suseel Kumar, Managing Director, Life Insurance Corporation of India, as additional non-executive (nominee) director. LIC is a promoter of the private sector lender.

Published on June 30, 2020
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