Axis Bank QIP over-subscribed, raises Rs 12,500 crore

Private sector lender, Axis Bank, on Thursday said its qualified institutional placement was over-subscribed, with the aggregate final transaction size being Rs 12,500 crore.

“We understand that the transaction is the largest ever QIP by a private sector issuer in India. Despite a challenging macro-economic and market environment, the placement received a strong reception from the global and domestic investor community,” it said in a statement.

The QIP issuance was done at a price of Rs 629 per share, at a discount of 1.44 per cent over the closing price of the issue opening date, September 19, 2019. The transaction was anchored by several large marquee foreign portfolio investors, domestic mutual funds and insurance companies.

“We are excited about the opportunities that would be created through this capital raise. We will strive to ensure that we continue our growth journey and keep delivering the best value to our customers, shareholders and investors consistently, and on a sustainable basis,” said Amitabh Chaudhry, Managing Director and CEO, Axis Bank.