Money & Banking

Axis Bank plans to raise ₹15,000 crore as capital

Our Bureau Mumbai | Updated on July 02, 2020 Published on July 02, 2020

A branch of Axis Bank in Mumbai   -  REUTERS

Private sector lender Axis Bank will raise ₹15,000 crore as capital through various instruments.

The decision was taken at a meeting of the bank’s board of directors on Thursday.

“The board at its meeting held today has approved the proposal relating to raising of funds not exceeding ₹15,000 crore through 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 Placement, American Depository Receipts, Global Depository Receipts program, preferential allotment or such other permissible mode or combinations…,” it said in a regulatory filing after the meeting.

The board had earlier in April approved a proposal to raise up to ₹35,000 crore.

Axis Bank is the latest amongst lenders to finalise capital raising plans as it tries to enhance its buffers amidst the Covid-led economic uncertainty.

Another lender, HDFC Bank plans to raise ₹50,000 crore in the next 12 months by issuing various debt securities

Axis Bank has also convened its annual general meeting on July 31 through video conferencing.

The lender’s scrip was up 2.37 per cent in intra-day trade on BSE.

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Published on July 02, 2020
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